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ASSET-HOBBY CARS pre DOM to post separation

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  • ASSET-HOBBY CARS pre DOM to post separation

    I had a hobby car I brought into marriage. During marriage there were several changes in vehicles including the one I presently own into post separation date. I need help in determining value of this asset considering all vehicles were a continuing ownership and the added cash came from our joint account .
    #1 @ DOM =$5000, sold(during marriage) for $5000 to buy #2

    #2 purchased for $8500 - sale of #1 for $5000

    #3 purchased for $10500 - sale of #2 for $5000

    #3 is appraised at $14000(market value @ $11000)

    My primitive calculation:
    Selling values of #1 and #2 = $10,000
    Purchase cost of #2 and #3 = $19,000
    Difference = $9,000 out of joint acct

    I would like to keep #3 - how much do I pay for it in regards to equalization. I want to prepare the numbers before the lawyer visit.
    Thanks

  • #2
    DOM is $5,000
    DOS is $11,000 or $14,000 (depending on which value is used).
    So the increase during the marriage was either $6k or $9k, and that increase is presumptively split.

    However, you can't properly calculate equalization without consideration of all the other assets/debts.

    The use of the joint account is a red herring, and doesn't change how equalization works.

    Comment


    • #3
      I am no expert and we had no premarriage assists to work through so this is purely my opinion, but I don’t think it works like that. I don’t think you can trace the amounts ad various cars all through marriage. They are each separate assets. I would think you value the current car as is and at most, elsewhere in yourvtable
      Account for the 5000$ car you brought into the marriage. We didn’t account at all for the vehicles we each brought into the marriage, only the current vehicles we had at time of separation. It was so long ago and they are a depreciating assets anyways.

      Comment


      • #4
        you are overthinking it.

        Comment


        • #5
          A court generally won't care about assets like these. Settle the matter and move on. Although the cars are important to you used assets that are this small in value should not be the focus of anything going to court.

          Comment

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