When couples need to divide high-value and complex assets in divorce, it can consume a good deal of time. Fair market valuations and appraisals may be needed to ensure that whichever spouse gets an expensive item gives their soon-to-be ex something of equivalent value in return.
Some items may have highly sentimental value in addition to monetary value. Dividing wine collections acquired during vacations over the years can be emotional as well as financially challenging. The same may be true for works of art and antiques acquired over the years, as well as more modest pieces of property. Everything from sofas to home gym equipment may need to be inventoried and “divided.”
Buying new home furnishing can be costly
It can be exhausting to think about fighting over things that can be easily replaced. However, most people aren’t prepared to pay to purchase all new home furnishings and let the current ones go to their spouse. The time during and after divorce can be tenuous financially – even for couples who have been living comfortably.
There are a lot of unknowns in a divorce, like just how much it will cost to live alone as opposed to as a married couple. Divorcing spouses sharing custody of one or more children may want to ensure that their children have fully furnished rooms and other spaces in both homes, which is an extra expense to consider.
The cost of furnishing a home after divorce has led to an increasingly popular trend – divorce registries. Although these were initially targeted at women, men can benefit just as much from them.
How divorce registries work
Divorce registries work much the same way as wedding and baby registries. A person sets up a registry on a site like Fresh Starts, which is specifically designed for those uncoupling from a live-in relationship, and tells their friends and family about it. They can purchase something small like dishes or a room “bundle” of essentials for a kitchen, home office or child’s bedroom. Retailers like Amazon, Target, Wayfair and more have registries that people can set up for any need, including divorce.
Certainly, divorcing spouses shouldn’t rely on a divorce registry to replace a fair property division agreement. Such an agreement can and should be negotiated carefully with trusted legal guidance. It can, however, help divorcing spouses focus on their largest and most cherished assets rather than on fighting over who gets the good cookware or the ergonomic desk chair.