Updated February 11, 2021
What are Tools?
Almost every couple has at least a small set of tools with a hammer, pliers, and screwdrivers. But homeowners and serious DIYers often collect expensive power tools and hand tools for more complex projects. These more expensive tools can become a source of contention.
🤔 Understanding how Tools affect your divorce.
Tools acquired during the marriage are usually treated as marital property. Assets acquired by one spouse but which the other spouse uses regularly during the marriage may also constitute marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. If the asset is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and the amount of the monthly loan payment.
As you consider how to divide the assets acquired during the marriage, it’s best to take into account the purpose and primary user of each asset.
Even though Sally and Jerry have agreed that Sally will stay in the marital home, Jerry has always been in charge of any home or DIY projects so Sally is unfamiliar with most of the tools Jerry has used during their 9-year marriage. Since Jerry is moving into an apartment with limited storage space (and no use for most of their tools), they agree that selling most of the more expensive tools – and splitting the proceeds – makes the most sense for them.