If you are a classic car lover, you may have spent thousands of dollars restoring one. In addition to the money you have invested, you also have put a considerable amount of time and effort into your vintage automobile.
If you purchased and restored your car during your marriage, you are probably going to have to deal with it during your divorce. After all, your classic car is probably a marital asset. It also may be one of the more valuable assets you and your soon-to-be ex-spouse own.
Florida’s approach to property division
Unlike some states, Florida law requires judges to use principles of equity when deciding how to divide marital assets. If you and your husband or wife cannot come up with an acceptable settlement, a judge is likely to split up your marital estate fairly. This means you should end up with a reasonable percentage of your marital assets, even if you do not get exactly half.
Your classic car’s value
Whether you intend to negotiate property division with your spouse or leave the matter up to a judge, you need to know how much your classic car is worth. According to Progressive Insurance, the value of classic cars usually depends on the following factors:
- The car’s year, make and model
- The car’s body style
- The car’s condition
- The car’s engine type
There may be other factors that influence the value of your vehicle. For example, if you own a rare car, collectors or auto enthusiasts may be willing to pay a premium for it. The same may be true for a vehicle that is in mint condition or has a special place in automotive history.
Ultimately, whether you want to keep your classic car or part with it, it is advisable to come up with a realistic valuation as early as possible in the divorce process.