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How do you value a classic car for divorce purposes?

On Behalf of | Mar 7, 2022 | Divorce

If you are ready to file for divorce, you already may be thinking about negotiating a property division settlement with your soon-to-be ex-spouse. In New Jersey, divorcing spouses usually receive an equitable share of their marital estates. Consequently, while you may not necessarily wind up with precisely half of what you and your spouse own, you should get a fair share.

To make informed decisions when dividing marital property, you must know how much all your marital assets are worth. While your home, investments, cash and many other items are likely to be simple to value, your classic car may be a different story.

Valuation factors

Classic cars can be notoriously difficult to value. According to NADA Book Info, you can start by looking up your car’s value in a reputable publication. Then, you may want to find an experienced appraiser who understands vintage vehicles, your car and the current market. When appraising your vehicle, this individual is likely to consider the following factors:

  • Your car’s make, model and production year
  • Your car’s condition
  • Your car’s rarity
  • Your car’s appeal to buyers

A difference of opinion

It is not uncommon for each spouse to obtain his or her own appraisal of marital assets. If so, your husband or wife may come up with a number that is vastly different than your appraiser’s valuation. Therefore, you may need to agree on a neutral appraiser.

You also have the option of asking a mediator to help you divide ownership of your classic car and other pieces of marital property. Ultimately, though, because your classic car may be one of the more valuable parts of your marital estate, finding its real value is worth the effort.

 

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