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

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  #1  
Old 03-24-2019, 02:30 AM
guitar88 guitar88 is offline
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Default 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
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  #2  
Old 03-24-2019, 08:11 AM
Kinso Kinso is offline
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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.
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Old 03-24-2019, 09:27 AM
denbigh denbigh is offline
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I am no expert and we had no premarriage assists to work through so this is purely my opinion, but I donít think it works like that. I donít 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 didnít 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.
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  #4  
Old 03-24-2019, 03:06 PM
standing on the sidelines standing on the sidelines is offline
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you are overthinking it.
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  #5  
Old 03-25-2019, 07:41 AM
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Tayken Tayken is offline
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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.
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