Glossary of Terms and Roles in FairSplit Asset Divisions

Inventory

• Property

  A property is a realty such as a house or condo. Each property contains rooms and assets.

• Room

  A room belongs to a property and may contain assets and files, including photos.

• Asset

  Assets may (optionally) belong to a property, to a room and to a category. An individual asset may also have photos and other files associated with it. But this is all optional: an asset may also be simply a name.

• File

  Images and other files (any type of file) may be uploaded, but each image must be associated either with an asset or (more commonly) with a room. To upload, navigate first to the asset or room.

• MV (Monetary Value)

  Each asset may have a Monetary Value ― its likely price if sold today.

• EV (Emotional Value)

  One of the available division rounds lets divisees assign Emotional Value numbers to assets, indicating their level of interest in the items, independently of their cost.

Roles

• Administrator

  An administrator can invite other people into the division, set their roles, set up division rounds and make decisions about asset distribution in order to keep divisees close to their allocation percentage.  Can be an independent party or may also be a divisee.

• Divisee

  A “divisee” in the FairSplit application is a beneficiary of the division.  He or she is entitled to a percentage of all the assets, called “allocation percentage”. In each division round a portion of the assets gets distributed to divisees.

• Asset lister

  An asset lister can only see and edit the inventory. He or she can add photos and assets and create relationships between these.

• Valuator

  A valuator, whether he is a professional appraiser or a family member, can set estimated prices of assets.

• Observer

  An observer cannot change anything but can see the inventory, division rounds and their outcomes.  Sometimes the role of attorneys or mediators.

• Sponsor

  Can edit and invite participants, including administrators.

Rounds

Rounds are different methods for dividing assets among parties. A round includes a subset of the assets. An administrator sets up a round, divisees bid on it, and in the end items are distributed. In an added feature, if all divisees confirm to the administrator they completed their round, the administrator may close the round earlier, speeding up the process.

• Active rounds

  Active rounds are those that divisees must interact with right now, that have been initiated and have an end time.  If all divisees finish early and notify the Administrator, the round may be ended earlier.

• Pending rounds

  Administrators can edit pending rounds until they go active.

• Closed rounds

  When an active round is closed, divisees can no longer bid within it. After a few minutes the system awards the assets in them according to the bids. Administrators may adjust the awards or extend a round prior to the scheduled ending if a problem prevented a divisee from finishing.