Division rounds

FairSplit division rounds are the procedure through which assets can be reviewed, divided, and distributed to beneficiaries or separated to sell or donate.

They are explained in the next sections:

• The Asset Review round
• The Emotional Value round
• The Selection Order round

Only the division administrator can create a round. This involves selecting a subset of the assets and the time period for divisees to bid. Before creating rounds for your division, be sure you have called FairSplit for your included 15-minute Planning Call.

What should be listed before a division starts?

Any assets not specifically assigned in a will or agreed by all parties not to include.

For example, if all heirs have informed the executor ahead of time they have no interest in linens, cookware, or maybe big furniture items, one might list the assets in bulk, but assign them a “Sell or donate” status, so it doesn’t complicate the division.

Another example: If everyone agrees Dad’s rocker should go to Sue ahead of time, it should still be listed with its MV (Market Value) and assigned to Sue before dividing starts, so it counts toward her share.

It is usually a good practice to have all items listed so everything is clear to all involved parties, even if they are to be donated or sold.

What about assets removed immediately after a death?

Sometimes, for security, valuable items are removed from an estate for safekeeping. In other cases heirs or others may hastily remove things they believe they are entitled to.

All of these assets should be returned or properly listed and accounted for by the executor. Nothing should be removed from an estate without all potentially entitled parties having awareness of those items. So they should be included in the inventory, as provided for in a will or by law.

This can often be the single largest source of conflict, and reasonably so if not dealt with upfront and openly.

Get help with the administration of your division

If you have a division, you are entitled to a Planning Call – a 5-10 minute situation review for suggestions on approaches to your division process. The administrator of the division should call FairSplit for this advice. The call can happen before you start listing or even photographing the inventory. You can find the phone number on our contact page.

When an administrator is also a divisee (beneficiary), the administrator might have more information and power than the other divisees. If there is a question of fairness, or any potential conflict, it's usually better to have a FairSplit professional be the administrator of your division, in order to advise and manage the division rounds. This is an add-on administrative service and you pay a flat fee whose value depends on your division plan.

Life cycle of a division round

The rounds page shows an accordion with 3 sections: Active, Pending and Closed.

A pending round has recently been created. Newly created assets are NOT added to a round automatically. But administrators can still edit round parameters until its start time. At this moment, the round moves into the Active section.

An active round is for divisees to interact with, until its end time. Administrators can no longer edit the round.

New assets are NOT added to an active round. This is on purpose, so last minute things can't be added after a divisee is mostly finished bidding. Alternative solutions include creating a subsequent smaller round, or just distributing some assets manually.

If all divisees finish early, the round may end earlier. If one or more divisees do not indicate they are finished, the round is extended, and the administrator is expected to talk to them to help. The administrator has the power to close the round manually even if a divisee is not finished.

When the round ends, it moves to the Closed section. After a few minutes, the system awards the assets. Administrators may adjust the awards or extend a round prior to the scheduled ending if a problem prevented a divisee from finishing.