Is the Beanie Baby Divorce the most ridiculous case in recent history?
If you haven’t heard of the Beanie Baby Divorce that swept the news in 1999, a quick Google search should turn up a laugh. There’s a glaring image of the couple, Frances and Harold Mountain kneel on the floor of a Las Vegas, NV courtroom splitting their beanie babies up one by one on the floor with the supervision of a judge and their attorneys.
At the time, the couple valued their collection between $2,500 and $5,000. Today, these bears and assorted animals are hardly worth more than $10 a piece. One takeaway from this experience has to be to think big picture. While Frances and Harold were each paying their attorneys an hourly rate, they let their emotions get the best of them in this news field day case. Today, it’s probably an embarrassment to look back on this, knowing their prized possessions are hardly worth it.
If you’re in the process of a divorce and need a lawyer who specializes in family law in Allen, TX, Woods, May & Matlock can help. Here are some of our big takeaways from this humorous case.
Remember items purchased together can often spike misplaced sentimentality. Sometimes couples are trying to keep away possessions from the other. In other cases, the emotions of the divorce are making it hard for you to let go of the items you acquired during your marriage.
Don’t fall into the pitfalls of the infamous beanie baby divorce. While you shouldn’t let everything go to your spouse, in the long run, you can replace or live without the possessions you acquired during your marriage. The important stuff is the outcome for your family if you have children and your financial security. Here’s a few quick pieces of advice:
- Inventory your assets. Make a list of the items purchased during your marriage or given to you as gifts. Include property, joint debts, and investments.
- Be highly selective of the items you simply can’t live without. Consider if they are replaceable. You can still keep things you’ll need in your new life after the divorce, but don’t act like that wedding gift comforter from your friends is the be all end all choice.
- Having a selective strategy with items will help you come to compromises with your ex.
- Save on the hourly billing with attorneys by coming to the negotiation table prepared. Don’t be petty like this couple and require other adults to supervise every line item on your asset list.
Woods, May & Matlock can simplify the divorce process and help you get the upper hand. Call our team when you need a lawyer who specializes in family law in Allen, TX. Reach us today at 972-387-9955.