FairSplit offers online solutions that are totally free to use, that will make any home or asset inventory you need to share with others, more efficient and fully transparent. By making a private family account in FairSplit, photos and files can be uploaded, assets named, categorized, sorted alphabetically, by value, searched, and reports created and printed. One account, with invited users allowed to see and do only what you want them to, by having different permissions for invited users.
Designate what gets sold, what ships where, etc. If your family needs a blind, fair process to figuring out “who gets what?”, FairSplit’s patented division process works wonders. No need for heirs taking off work, traveling, getting big packets of information, or in person negotiations. No need for divorcing couples to have to be sitting across from one another or with a negotiator in between to see what is important to each and to fairly divide.
FairSplit provides a process of rounds, beginning with Asset Review where heirs indicate any items they have interest in. If all heirs have indicated no interest, those can be moved to sell or donate. If one is interested it moves forward to the Emotional Value round, which is a single round for all assets of interest, whereby the heirs get a fixed number of points they can bid all on one item, or up to a maximum of 5-10. (good to use for three or more heirs) We often refer to this as “dad’s ukulele” round. It determines who gets the things most dear to them, regardless of value or luck of the draw. Selection Order rounds are used to divide most assets. It works like a fantasy sports draft, with each heir putting the assets of interest ranked top to bottom. When the lists have been completed, a selection order is created (123, 321, 123, or other if preferred) the software awards the top item on the list on each pass back and forth until all are awarded. Totals by heir are tracked, reports can be created showing what goes to each heir, what is to be sold, donated, etc.
Moving from the big house to a smaller apartment means only a small amount is going to be moved with the parents. Creating the full list, then indicating what is being moved, then even using FairSplit as a packing tool indicating which new room it goes to, what is in which boxes, etc. is all helpful. However, that still leaves the bulk of the house filled with things to be divided, sold or donated, so the full process described above in Estate Division is also available for you and your family. Preserve Legacy Stories by having the elderly person moving, describe why something is important to him or her and upload the video to that item for all of the family to have access. One minute is recommended, but you’ll be glad you have those memories preserved, and their image and voice talking about it.
This can turn into one of the most combative areas and painful areas to deal with. First of all, decisions can’t get made until everything is listed. We make that totally easy to do, and FREE. It rarely helps to be in front of one another for a divorcing couple; it is just more painful and often more volatile. You and your soon to be ex-spouse, and even your attorneys can login into the neutral FairSplit account to see, make changes, etc. and use this as your communications platform.
Our division processes upgrade details are described above. They create a blind, impartial system to determine who gets what. It can be used to allocate bills, furnishings, holiday custody…. Really anything that can be quantified and listed. This removes the “if he sees I want it, he will take it” aspect and simply provides as system fair to both parties.
You upload photos of things to be divided (see video on how to photograph and list) and we can list, with good descriptive names, categorize and pair the photos with the items typically for under $1 each. We bill at $75 per hour for these services, and also to put fair market value estimates on items when values are needed. This is not appraisal level, but we look up on sold items at places like eBay, Craig’sList, and others to know what is realistic. Sometimes an independent third party value is needed, but not a full appraisal. These typically average $1.50 per item.
And lastly, if you would like an independent third party to manage your division process, so that all can understand there are not real or perceived advantages of one heir or one party over another, we do this routinely and professionally. Have a difficult family dynamic that may need some mediation? Our founder charges $200 per hour to help work the family through this process peacefully.