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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 02-05-2013, 11:24 PM
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Default Division of family assets. Cars and parts enthusiast

Hi!!!!!!!!

I'm a car enthusiast, recently split from my wife of 20 years.... and have some "division of family asset" questions.

I have just lost my best friend, 9 months ago. We were both diehard car guys. His sister called me to their house after his memorial service and said my friend had instructed her, executor of his will, to leave me his project car, parts, and $5000 to go towards the restoration of the car.
It's an inheritance, it was ONLY for me, and the sister - once finding out about our split- went to a notary and signed an affidavit that states the car and money were left to me by my friend, and me alone.

Does my soon to be ex have any way to try to take anything?
Most certainly never used as family asset in any way shape or form..... it's a race car in pieces, engine out, bare metal etc.

Next question....
I have a old car that I bought in 1982. I drove it in 1986 and 1987. It has never been driven since. It was never painted, never had an interior, but it was my dream car and I got it running and drove it. I last insured it in 1987. I dated in 1989 and married my wife in 1991.
The car was never used as a family asset, it was never insured, never driven, it was never drivable. It has been stored since 1987.
I have worked on the car from time to time, by myself, but not often. It still is nowhere near drivable, never has been since 1987.
I was injured in a car accident in 1996 and got a personal injury settlement in 2000. I bought an expensive engine with my insurance award money- I was badly injured and recieved a lot of money for personal injuries. I spent $15000 out of a six digit settlement on the engine.
Can she try to ask me for 1/2 the price of the car? Can she try to claim something for the engine? I used my personal injury award for the engine, and she has spent multiple times the price of the engine on "her things" over the years.....
Where would the law be on this?

Third question.......

I have my car hobby tools in a tool box. I had an automotive business before we dated, I had lots of tools. Once I started working where I work now (before we dated to present) I used my tools for my car hobby only. She does NOT help, my grown kids have NEVER helped. It's all that I do in my spare time.
I have tools and car parts, lots of stuff from swap meets over the years, not a ton of stuff, and not terribly valuable to others, but it's MY car stuff from over the years.

Does car hobby stuff get split when it is my hobby, my hobby alone, and no "family" money was ever used for it? I've always paid out of my separate personal account for my things, never out of a joint account.

Are "family assets" exactly as I have read, used for a family purpose, or used by the family?

I just want to know from a legal standpoint, if anybody can help me!
Thanks!!!!
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Old 02-05-2013, 11:27 PM
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BTW- the money left me by my friend never went into a "joint" account, it went into my personal account. It was never used to pay down a mortgage etc. It's just to help pay for the restoration of his car, which is ongoing.
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Old 02-05-2013, 11:28 PM
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And.... one more question.....

MY MODEL CAR/HOT WHEELS COLLECTION?!?!?!
Tell me she can't go after my toy cars!!!!!!
*tears*
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Old 02-05-2013, 11:44 PM
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1) Your inheritance from your friend is just that, an inheritance for YOU and your ex cannot share in it. Especially since you kept the money portion of it separate from the marital assets.

2) Your car from before the marriage doesn't get shared. Only assets accumulated during the marriage do.

3) Your hobby tools are your own personal items. They would not be shared either. However, if you want her to acknowledge your tools accumulated during the marriage as your own personal things, you also need to recognize that her jewellery and shoes and Beanie Babies are also personal to her and you don't get a share in them.

4) See above, same goes for your toys.

What DOES get shared:
  • Pension value increase during the marriage.
  • CPP.
  • Matrimonial home is always 50-50 no matter who owned it beforehand, unlike your car.
  • Furniture, appliances, normal vehicles, cottage, boat, RV, whatever, purchased after marriage.
  • Joint bank accounts.
  • Mortgage.
  • Credit cards.
  • Car loans.
  • Line of credit
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Old 02-05-2013, 11:54 PM
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Oh...... but if you are right!
I have NOOOOO problem with whatever she wants to keep. She has easily taken 50 % of household items. She kept all "her" stuff with no debate from me whatsoever. She had tons of jewlery and makeup, clothes etc. It's not mine, I didn't want any of it.

I have 75,000 in RRSPs, she has 11 years of Government pension indexed to inflation (?) How she wants to split up, or not, it's OK with me.
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Old 02-05-2013, 11:57 PM
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Yes those old cars, restored can be worth a pretty penny. I have, on occasion watched the Barrett Jackson semi-annual auctions.

If you can defend your "hobby" and show that no marital money went into supporting or growing your hobby then you should have no problem.

Curious - what sort of car are we talking about? If you don't want to post (this is a public forum) I understand.
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Old 02-06-2013, 12:01 AM
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This would bring me to a question for anyone who is knowledgeable:

If I owned a painting when I got married and then, through our marriage I acquired more paintings by the same artist, thus essentially creating a collection. Hypothetically speaking, let's say the paintings are more valuable if sold as a collection than individually, then what would be the fair and legal way of dividing the paintings? It was a hobby I started before I was married but added to throughout my marriage.
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Old 02-06-2013, 12:06 AM
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Quote:
Originally Posted by Carnut View Post
I have 75,000 in RRSPs, she has 11 years of Government pension indexed to inflation (?) How she wants to split up, or not, it's OK with me.
I would estimate that those are not that far apart in value. You could split them each down the centre, or save yourself some appraisals and valuations and paperwork and say you keep the RRSPs and she keeps her pension.
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Old 02-06-2013, 12:06 AM
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I believe that insurance payouts (e.g. for injury/disability) are also exclusively yours (as long as you didn't use them to pay for joint-use assets)

I don't think it's relevant that you paid for your toys from your personal account ... e.g. if your personal account contained some earned income, then these toys go into the big pile to be split (i.e. balanced against the beanie babies collection). But ... if your personal account contained only inheritance/gift/insurance monies then it is clearer. If your personal account contains a mix of earned income and inheritance/etc. - not good.

Last edited by dinkyface; 02-06-2013 at 12:09 AM.
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Old 02-06-2013, 12:10 AM
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Quote:
Originally Posted by dinkyface View Post
I don't think it's relevant that you paid for your toys from your personal account ... e.g. if your personal account contained some earned income, then these toys go into the big pile to be split (i.e. balanced against the beanie babies collection). But ... if your personal account contained only inheritance, gift and insurance monies then it is clearer. If your personal account contains a mix of earned income and inheritance - not good.
The issue can also be muddied by accidental double dipping. If you have used some of the $5k towards tools and parts already, and are keeping those because they are personal you can't simultaneously claim that a full $5k should be exempted because it was inheritance. The inheritance money should be reduced by the amount you have already spent.
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