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Professional appraisal a bit off IMO

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  • #16
    Wow what a sticky wicket. I do know of someone that in Tucson did take a saws all and divided a car in half, but it was not a collector's item. He was an ornery old coot anyway.

    Not know how the division of property goes, if and appraisal is made, then is it negotiated for one party to pay half to the other party or is it to be sold? Reason I ask, is I may be facing the same situation. House is straight forward, but I have three cars that are worth at this time collectively 4,500 IMHO. She has her van that is paid for, I have a 97 Olds as a daily driver. She wants no part of my medical bills. She does not realize that in a community property state, I would be entitled to half of her 401k. The lawyer I contacted said it would be a very easy agreement to draw up.

    There is a slight possibility we might get back together, although I doubt that. She has prayed that I die and since I haven't she can not stand to be in the same room with me.

    Sorry Bill, I did not mean to bring this up and really did not want to derail the thread but it did trigger a thought. I have never had any high dollar cars and have worked all my life for what I do have. In 27 years, she has never paid anything toward the house. I am working now to get the house ready for sale.

    Bob Miles

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    • #17
      Really sorry Bob! I hate to say it but justice is not that cut and dried. I don't want to get too involved in this but to answer your question. There are two types of asset non community property which both you or your wife owned separately before marriage, and community property, which is most all property accumulated after marriage. With the exception of something left to you like an inheritance, and that you kept separate from the community assets, 100% of which remains yours. But if you should do something stupid like I did, and buy another house and pay off a communal debt, all of that become community property, which the two of you will share 50/50.

      Once you (attorneys/mediator/court) have decided what portions of your assets is community property, then it becomes a negotiation as to who wants what, and how much it is worth. Think of it as though it was a balance sheet with only today's dollar value being used. It's a give and take until someone is not willing to give, or the other party not willing take. The dollar value difference has to be paid by whomever got the most stuff. Then it's up to him or her how he wants to pay for it, i.e. sell assets, borrow, or use personal savings. A failure to come to an agreement needs to go to arbitration or to the court to decide. I'm not an attorney so hope got it right. Good luck.

      Bill

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      • #18
        Why is a divorce so expensive? Because it's worth every penny.
        "Every man I meet on the street is superior to me in some respect, and from that I can learn."
        R.W. Emerson

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        • #19
          An appraisal is an opinion based on whatever facts the appraiser can muster. While it is rightfully not a firm number in the court it is one more thing for the judge to consider. The uncertainty if you were simply selling is much the same.

          My advice to anyone in a negotiation where there is valuable property to be divided up, if you see something on your list that you feel the other side is valuing too high offer to let them buy it at that price.

          Its just property and in the end how much does it matter?

          If getting married where there is considerable assets brought to bear a prenup is a good idea.
          Diesel loving, autocrossing, Coupe express loving, Grandpa Architect.

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          • #20
            Thanks guys for all the advice. 39 years ago there was no need for a pre nup as neither of us had anything. Other than furniture, of which some is my family heirlooms, we just have the house. The three Studebaker's are not in my name; one does not have a title and the other two have not be transferred to my name. When it comes to filing, I do have a good lawyer that himself has gone through this personally so I feel he knows the quickest and cheapest way to do it.

            Back to topic. The owner of the 48 LandCruiser wants to sell. Until he wakes up and smells the motor oil, he will be an owner for a long time. When you are asking Avanti prices, no matter how you justify the price, it will not sell. It will take someone with a big bankroll that wants a non popular car whose Aunt Minnie or someone in the family owned one to buy it.

            Bob Miles

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            • #21
              ...very unlikely.
              Diesel loving, autocrossing, Coupe express loving, Grandpa Architect.

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