If you are currently going through a divorce, dividing your assets may be one of the more difficult tasks you have to complete. Renting a storage space can help you stay organized and protect your valued possessions throughout your divorce. However, you should make sure you follow these tips for using a storage unit during a divorce in order to avoid complications.
Make Sure the Unit is Under Your Name
After being married for some time, you may be used to sharing everything with your spouse. If your divorce is amicable, you may be tempted to put both of your names on the lease for the storage unit to allow your ex to easily drop off items as you go through your belongings. However, even what seems like a simple divorce can turn sour with little or no warning, so it is a good idea for you to have a safe space for your valued possessions that only you have access to. Make sure your storage unit belongs to only you. You may even want to opt for a storage unit in a different complex than your ex's storage unit, depending on your relationship.
Do Not Use the Unit to Try to Hide Assets
Attempting to hide assets can come back to haunt you even after the divorce is finalized. If it is discovered that you concealed your assets, you may be held in attempt of court and forfeit the assets (or their value) to your ex. Because of this, you should not use your storage unit as a place to hide valuable possessions, but instead as a place to store items that you and your spouse have already agreed belong to you or whose possession are still being decided by the court.
Create a List Of Everything In the Storage Unit
During a divorce, it is important that you stay organized. You should know what items are in your storage unit at any given moment. This will allow you to make sure you have disclosed everything and help you keep track of items that should belong to you that you have not yet taken possession of. To keep track of what is in your storage unit, consider using a storage unit smartphone app to take pictures of items as you put them into storage, making brief notes on each item as necessary.
Consider the Storage Unit a Short-term Investment
If you are moving out of a family home that you shared with your ex, it is likely that you will be downsizing to a smaller space where your belongings may not fit. It is important to be realistic about what will fit in your new place and to view your storage unit as a short-term solution for storing your items during your divorce. Try to set a time limit for how long you plan to keep your storage unit. Some people keep their unit only until the divorce is finalized and others may find it necessary for a year after their divorce. But storing your belongings long-term can end up costing you more than the items are worth.
Only Store Items You Want to Keep
If you and your ex can come to a mutual understanding about items that neither of you want to keep, then you can usually sell them during the divorce and split the profits from the items or put them into a shared bank account for later division. Selling these items immediately will allow you to rent a smaller storage unit, saving money during your divorce. However, if an item is under debate, it should be kept until a court makes a decision regarding its ownership.Share