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-   -   Sanity check, valuation of vehicle. (http://www.ottawadivorce.com/forum/f3/sanity-check-valuation-vehicle-21172/)

mathatter89 07-07-2017 03:20 PM

Sanity check, valuation of vehicle.
 
Sanity check here.

The underlying principle is "you keep what you brought into a marriage", right?

So let's assume a $25,000 car (new) is worth $20,000 at time of marriage and $10,000 at time of separation.

In this case, the value of the car has dropped at time of separation. You declare the $20,000 as something you owned at time of marriage and exempt that from your net worth at time of marriage. However, if you keep what you brought in, then based on the financial disclosure form, you still to declare the $10,000 car now as it's something that you can sell. (Right?)

So if that's the case, then doesn't that go against the principle "you keep what you brought in?"

Thanks

Rioe 07-08-2017 08:59 AM

Quote:

Originally Posted by mathatter89 (Post 222100)
Sanity check here.

The underlying principle is "you keep what you brought into a marriage", right?

So let's assume a $25,000 car (new) is worth $20,000 at time of marriage and $10,000 at time of separation.

In this case, the value of the car has dropped at time of separation. You declare the $20,000 as something you owned at time of marriage and exempt that from your net worth at time of marriage. However, if you keep what you brought in, then based on the financial disclosure form, you still to declare the $10,000 car now as it's something that you can sell. (Right?)

So if that's the case, then doesn't that go against the principle "you keep what you brought in?"

Thanks

You do not exempt anything from your net worth, at marriage or at separation. The idea is that your CHANGE in net worth over the course of the marriage must be equalized.

The car affects your change in net worth by -$10,000.

You still walk away with the car as it is in your name.

You keep holding on to this confusion. I think this is the third time you've asked a very similar question and you don't seem to grasp our explanations. Do you just want to post the basics of your equalization and let us do sample calculations for you?

mathatter89 07-08-2017 09:04 AM

Quote:

Originally Posted by Rioe (Post 222105)
You do not exempt anything from your net worth, at marriage or at separation. The idea is that your CHANGE in net worth over the course of the marriage must be equalized.

The car affects your change in net worth by -$10,000.

You still walk away with the car as it is in your name.

You keep holding on to this confusion. I think this is the third time you've asked a very similar question and you don't seem to grasp our explanations. Do you just want to post the basics of your equalization and let us do sample calculations for you?

Understand now. thanks


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