Splitting Assets in Divorce: More Than Just Breaking a Toaster in Half

In this episode of How to Split a Toaster, divorce attorney Seth Nelson and Pete Wright tackle the thorny issue of dividing assets in divorce. As part of their P.E.A.C.E. Process mini-series, Seth and Pete break down what "equitable distribution" really means - and why it's about way more than just splitting everything 50/50.

Seth and Pete walk through the four key steps of dividing assets: Identification (what stuff do we actually have?), Classification (whose stuff is it really?), Valuation (what's it worth?), and Distribution (who gets what?). They cover everything from basic bank accounts to complex business valuations, and even dive into some surprising assets you might not think about - like vacation days and airline miles. Along the way, they share real-world examples that show why "fair" in divorce court might not match your definition of fairness.

Questions we answer in this episode:
• How do you figure out what's "yours," "mine," and "ours" in a divorce?
• What happens when one person tries to hide assets?
• Can my ex get half my frequent flyer miles?

Key Takeaways:
• Just because something's in your name doesn't mean it's all yours
• Personal goodwill (like your winning personality) isn't a marital asset
• Sometimes arguing for "fairness" means you've already lost

Plus, we tackle another listener question! A California resident asks about inherited money that got mixed into shared accounts and home purchases during marriage. Seth explains why following the money matters and how different states handle these situations differently (spoiler alert: location matters!).

Whether you're facing divorce or just curious about how courts slice and dice assets, this episode breaks down complex legal concepts into bite-sized pieces. Seth and Pete take a practical approach to help make this topic both digestible and surprisingly engaging.

Links & Notes

• Schedule a consult with Seth
• Got a question you want to ask on the show? Click here!

• (00:00) - Welcome to How to Split a Toaster