During the divorce process, spouses need to decide how their shared assets will be divided between them.
Sometimes it is easier to sell any shared items or property and distribute the money earned from the sale equally rather than spending time negotiating how jointly-owned assets like items, stocks, or properties will be distributed between partners.
Divorce sales are a way for couples to sell off their shared assets and split the profit instead of trying to figure out who will end up with what. In this post we explore some of the ways you can sell your assets, such as online, in-person (through a garage or yard sale), or through an auction.
Preparing for a Divorce Sale
Before you jump into planning a divorce sale, you’ll want to sit down with your husband or wife and determine which items you both want to sell and which items each of you want to keep for yourselves. It might take a while to go through all your stuff and separate the jointly-owned assets, but it’s worth the effort to minimize the possibility for conflict later on.
If you and your spouse are not able to work together or talk to each other in a productive way, you can look at getting a mediator to help you out.
One of the ways that you both can make sure the final decision on your assets (including property) is official before you get a divorce is by filling out and submitting a Separation Agreement. A Separation Agreement can be used as part of the final divorce proceedings and may lessen the amount of time needed for an otherwise lengthy divorce process.
Items Commonly Sold in a Divorce Sale
Items that are commonly sold in a divorce sale include everything from furniture, appliances, art and paintings, jewelry, and anything else that the couple wants to offload and split the earnings from selling. Typically, a couple sells the matrimonial home as well.
The matrimonial home refers to a couple’s family home, or the home that they lived in during their marriage. Generally, separating couples choose to sell their family home and divide the earnings equally, similar to selling other assets.
However, just because you are going through a divorce, doesn’t mean the house needs to be sold. Instead, either you or your former partner might decide to keep the home for various reasons, such as familiarity for your children or proximity to family.
There are other considerations as well, such as who is responsible for home maintenance and mortgage payments during the divorce process.
Similarly, if there are any jointly owned vehicles or other items that still require payments, you and your spouse will need to work out those financial responsibilities.
Navigating through financial responsibility can be complicated if you and your spouse can’t reach a consensus but remember that you can always hire a mediator to help you both reach a final decision.
Online Divorce Sales
While garage or yard sales and in-person auctions are popular ways to sell your things, offloading your assets online is also a popular option due to the fact that you can reach a wider audience and sell your items without having to leave your home.
As an example, in order to finance his divorce settlement, Russell Crowe held an online auction to sell off some of his possessions. According to the auction site, Sotheby’s Australia, Crowe’s auction raised more than 3.7 million dollars, with some of the items selling above their market value.
Online divorce sales can take place on regular online auction or sales sites like eBay or Craigslist, and sometimes even social media sites like Facebook. Other options are websites such as Worthy that specialize in selling second-hand diamonds and jewelry if you’re looking to offload your wedding ring.
Selling Shared Assets in a Divorce Sale
Divorce is never easy and dividing and selling your shared assets and property can be a lengthy process. A divorce sale is a good way to simply sell off the items that you once shared with your former spouse and split the earnings between both of you have the funds you need to begin your new lives apart from one another.