Boats, motorcycles, campers, all-terrain vehicles and snowmobiles are included in this category. Since the husband or wife will most likely want to keep these assets rather than sell and divide the proceeds, valuation for inclusion in the marital estate is necessary.
Value is usually determined by agreement of the parties. If not, values can be estimated via Internet information. Should this method fail, your divorce lawyer may advise you to contact a dealer or hire an independent appraiser.
This category includes sewing, model ship building, wood crafting, stained glass production, and other leisure time activities.
Most hobbies are specific to the husband or wife and both are unlikely to willingly abandon a hobby. Therefore, hobby asset valuation is necessary for inclusion in the marital estate.
As with collecting, problems with valuation arise with confusion of the purchase price with fair market value. Often, hobby assets are expensive to acquire but do not retain their value over time. Your family attorney may advise you to attempt to offset the assets of the husband and wife. For instance, the wife takes her stained glass equipment and inventory and the husband takes his cameras and photographic supplies. Both activities are then excluded from the marital estate. This method only works if the values of the assets are fairly equal.
Are you currently contemplating or going through a divorce? If you would like to discuss your situation with an experienced and knowledgeable family lawyer, please contact Zonder Family Law by calling 818-309-7059.