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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 06-03-2006, 11:01 AM
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Default Form 13.1: Financial Statement

What is the general rule of thumb for the depreciation of assets (furniture and household goods in Parts 7(b) and 9) brought into the marriage and acquired during the marriage. I know, or can estimate, the purchase price of the items, but have no idea what formula I should use to determine the market value on the date of marriage or the valuation date.

Thanks for your help.

Linda
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Old 06-03-2006, 09:03 PM
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Linjohn,

a good rule of thumb would be to look at the personal possessions in this perspective

If you had to suddenly sell the furniture ie in a yard sale or garage sale what is the approximate value one would receive taking into account that the items are used.

as an example - major items

washer and dryer - $250
fridge - $100
stove - $ 100

What does a used mattress or living room set go for regardless of condition?

Jewelery

If one had to liquidate ones jewelery at a pawn shop, what would one receive
next to nothing
diamond ring - wedding band 1/2 - 1 carrot $50 - $100 if lucky

watch - depending on quality 0-?

clothing - what does used clothing go for at yard sales, S.A. thrift stores and or used discount stores such as at value village.

Real property such as RSP's and real estate is quite different.

Vehicles - one only has to look at an auto trader www.autotrader.ca

Ultimately one's personal property is only worth what another would pay. I hope this gives you an idea.

lv
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Old 06-04-2006, 11:42 AM
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lv:

I know what my RRSPs, bank accounts, etc. were worth on the date of marriage, valuation date and today, but I wasn't sure how to handle furniture and household goods. Are you saying that a stove or refrigerator, for instance, that was only a couple of years old at the time of separation would be worth the same as a stove or refrigerator that was 10 years old at the time of separation, and would be valued at $100 each? Ditto for furniture?

Thanks for the clarification.

Linda
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Old 06-04-2006, 06:50 PM
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Linjohn,

Yes indeed. Personal belongings are only worth what someone would pay. To estimate its worth, one has to sort of take the yard sale garage sale value approach.

If the fridge is a year old what is the garage sale value - $100 or so. One only has to look in the local newspaper to get an idea. If you had to liquidate the items quickly, Who else would you sell the items to other than having or holding a yard sale.

There are many appliances listed in classifieds for $ 100 or so.

lv
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Old 06-04-2006, 08:02 PM
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lv:

I guess I'll go through my local paper to see what people are asking for furniture and appliances these days because I'm probably the only person in the whole world who has never had a garage sale .

I thought perhaps there was some formula for calculating the depreciation on furniture and applicances (a certain percentage each year), but I guess I was trying to make things more difficult than they really are.

Thanks.

Linda
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Old 06-07-2006, 11:30 PM
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Is there somewhere on this website (or another internet website) where I can download Form 13.1 so I can complete it on my computer? I did find one, but some of the columns where you input the totals are out of alignment.

Thanks.

Linda
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Old 06-08-2006, 12:17 AM
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The only official forms are available at:
http://www.ontariocourtforms.on.ca/e...mily/index.jsp
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Old 06-08-2006, 10:43 AM
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Hi, Jeff!

Thanks for the link. I have bookmarked it for future reference.

My lawyer did give me a hard copy of Form 13.1 to complete, but I would prefer to complete it on my computer, for appearance's sake. The titles on lines 83-89 and 91 of the online forms are positioned too far to the right and wipe out the totals for "on date of marriage". Unless I'm missing something, I am unable to make any changes to the form itself and move the titles to the left. I guess I can always white out the titles and replace them by hand, but I'm wondering if there are any other options.

Thanks again, Jeff. Your input is sincerely appreciated.

Linda
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Old 06-09-2006, 12:56 PM
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I'm still plowing through the completion of Form 13.1 and have three questions that I hope some kind soul can help me with.

(1) I've listed all of the assets I had on the date of my marriage in Part 9: Property, Debts and Other Liabilities on Date of Marriage. Am I also supposed to include those same assets in Part 7(b): General Household Items and Vehicles, together with the assets accumulated during my marriage?

(2) Do I include my half of the mortgage for the matrimonial home in Part 8: Debts and Other Liabilities if the house was purchased before the marriage?

(3) If the answer to (2) is yes, do I deduct the mortgage on the date of marriage from the assets listed in Part 9?

Upon first glance, Form 13.1 seemed to be pretty straight forward, but I'm becoming more confused by the minute.

Thanks very much for the help!

Linda
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