Car valuation - current or time of separation
Discussion
Hi,
I divorced a few years ago and my classic car has risen in value to the extent that my ex has come out of the woodwork to claim it is half hers. Sadly, we didn't reach 'full and final' at the time.
I guess with the current bubble this may become a more common occurrence.
Can anyone cite a ruling or example where the value of the car was taken as at time of separation rather than at current value?
Thank you in advance,
J
I divorced a few years ago and my classic car has risen in value to the extent that my ex has come out of the woodwork to claim it is half hers. Sadly, we didn't reach 'full and final' at the time.
I guess with the current bubble this may become a more common occurrence.
Can anyone cite a ruling or example where the value of the car was taken as at time of separation rather than at current value?
Thank you in advance,
J
I think you may be disappointed!
There was a case last year of a divorced couple (20 ish years ago), where the bloke turned is life around and is now a multi millionaire, she wants a slice as they didn't reach 'full n final'...
Last I heard, she had a case!!!
It's disgusting and morally wrong but apparently within the law...
There was a case last year of a divorced couple (20 ish years ago), where the bloke turned is life around and is now a multi millionaire, she wants a slice as they didn't reach 'full n final'...
Last I heard, she had a case!!!
It's disgusting and morally wrong but apparently within the law...
I divorced without full and final as that doesn't happen while kids are still involved.
My solicitor said theoretically the ex partner can come back for more - but the longer it is from separation / divorce the less likely they will succeed.
You could consider suggesting you'll think about it in return for full and final, but I don't know your ex, mine was easy to dazzle with a few grand over a long term (way better) deal.
My solicitor said theoretically the ex partner can come back for more - but the longer it is from separation / divorce the less likely they will succeed.
You could consider suggesting you'll think about it in return for full and final, but I don't know your ex, mine was easy to dazzle with a few grand over a long term (way better) deal.
Barkychoc said:
I divorced without full and final as that doesn't happen while kids are still involved.
Which won't be much if they have finished full time (non advanced) education and/or could/should be living independently.Spousal maintenance is something else. There is no single right/wrong answer and high profile cases are a poor basis for extrapolation to the bulk of the population. It's fact dependent. However in the 21st century I think it is unjust that while it automatically ends on the recipient remarrying it doesn't on co-habitation. So a woman can bleed you dry while shacking up long term with some other dude who is quite capable of supporting her financially. The cost of going back to court to get the award amended has to be balanced against the potential gain and even then you may come away disappointed.
An appreciating asset which the paying partner retained on divorce is a potential banana skin. House prices in one part of the country may rise far faster than another.
OP, you may find this of interest - http://www.familylawpartners.co.uk/blog/spousal-ma...
Getting good specialist advice at the outset of proceedings can reap dividends in the longer term.
Jeez I do wish BV hadn't left as he would be ideal for this.
IANAL but in my divorce the assets, such as we had, were valued at the time of exchange of financial information (Form E), or as near as reasonable. I had to get pension pot valuations that were dated close to my final signature on the form, those from 3 years previously when we actually split weren't current enough. So I think that if the OP is going through the process to create a Form E exchange and to develop a financial order you should use a current valuation, but if it's a true classic and an appreciating asset I think you should get 3 valuations and use a "best of three" approach. At least that way if it doesn't meet her expectations it's harder for her to challenge.
I think the case of the itinerant hippy who became a millionaire years later rested on that they did not have a financial order in place, because at the time of separation they had no assets. I'd be surprised that the posters who have children don't have a financial order in place which includes the terms necessary to make it a full and final settlement, especially if you have the Decree Absolute - but I'll be checking mine does tonight!!
IANAL but in my divorce the assets, such as we had, were valued at the time of exchange of financial information (Form E), or as near as reasonable. I had to get pension pot valuations that were dated close to my final signature on the form, those from 3 years previously when we actually split weren't current enough. So I think that if the OP is going through the process to create a Form E exchange and to develop a financial order you should use a current valuation, but if it's a true classic and an appreciating asset I think you should get 3 valuations and use a "best of three" approach. At least that way if it doesn't meet her expectations it's harder for her to challenge.
I think the case of the itinerant hippy who became a millionaire years later rested on that they did not have a financial order in place, because at the time of separation they had no assets. I'd be surprised that the posters who have children don't have a financial order in place which includes the terms necessary to make it a full and final settlement, especially if you have the Decree Absolute - but I'll be checking mine does tonight!!
Hi folks, thanks for the interest in this!
The value of the car could be approx £60k. Interestingly, we each completed And exchanged a Form E approx 8 years ago, at which point she backed off, then we each completed a second Form E a few weeks ago.
I guess that unfortunately the value of the asset in the latter supersedes the original?
Doh!
The value of the car could be approx £60k. Interestingly, we each completed And exchanged a Form E approx 8 years ago, at which point she backed off, then we each completed a second Form E a few weeks ago.
I guess that unfortunately the value of the asset in the latter supersedes the original?
Doh!
e42 said:
Yes, work on the drivetrain, maintenance, storage, servicing, replacing failed parts etc to the tune of £10k since the separation. Without investing the time and effort to keep the car in good shape it would certainly be worth far less now.
You need legal advice on this then, but I would be surprised if you were not allowed to set off the cost of this work against the increase in value - subject to the source of funds not also being a marital asset of course.e42 said:
I divorced a few years ago and my classic car has risen in value to the extent that my ex has come out of the woodwork to claim it is half hers. Sadly, we didn't reach 'full and final' at the time.
Has her house or jewellery risen in value over the last few years?Has she got interest on the cash she ended up with?
Just a thought.
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