Child Custody And Divorce: Free Legal Advice

- - - - - - - - - -

Next Chapter

Back To Table Of Contents

How Do We Value Assets?

The assets can be divided, for purposes of this discussion, into two parts: assets that have value as money, and assets that have sentimental or personal value only.

Let's discuss the sentimental value only assets first because it's easier: yes, the judge will deal with those assets; yes, the judge has the sensitivity to recognize that some things mean more than money; and yes, if the sentimental or personal asset has any money value, it will be counted at that value in the tallying up of assets awarded to each party.

Examples:

1. More parents (and judges) are recognizing the value, and the irreplaceability of the kids' baby pictures. Fortunately, with todays technology, they can be duplicated very well, at modest cost. The old standard clause, in a property award, read more or less as follows: "...and the parties shall confer and agree upon a method of dividing, equally, the family pictures, and, if no other method is agreeable, then each shall pick one picture at a time, alternating, until the pictures are divided."

Today, the Court would likely order that the pictures be duplicated by a shop, and that the parties share equally the cost of doing it.

2. The obvious remains the obvious: as to Husband's garage full of tools, he's going to be awarded his tools. As to the wife's chest full of jewelry, she's going to be awarded her jewelry. The other party may have these items appraised, at CURRENT MARKET VALUE, and expect that appropriate credit will be given. The other party may NOT (repeat, MAY NOT) expect that credit will be given based upon the COST OF THE ITEM SOME TIME AGO.

"...Judge, over the last ten years, Wife spent fourteen thousand dollars on jewelry. Now if she's going to be awarded all of that jewelry, my client ought to be given the house equity, which is only twelve thousand dollars...." No indeed. You are talking about a chest of USED JEWELRY. It may even be true that the diamond earrings are kept in a safe deposit box. The smart lawyer (or client) will take these items, prior to trial, and have them appraised. Take them to a jeweler, and ask "What will you give me for this necklace?" That eleven hundred dollar necklace is worth about eighty bucks, as used gold, and that's it.

"...Judge, over the last ten years, Husband spent eight thousand dollars on his tool collection. He's got everything Craftsman ever made, he's got Bob Vila calling on the phone to borrow things, he even had to put up a pole barn as a workshop, when he outgrew the garage...." No, no, and no. A new Craftsman one-inch power drill (that's a big one) costs four hundred bucks or so. Two days later, it's a used drill. There's one in every garage. Value: about ten bucks. Maybe twenty.

If you really think it's worth the cost of the appraisal (several hundred dollars), confer with your attorney, find a reputable expert, and get an appraisal and some testimony from that expert. It's true, a Sun Auto-analyzer (a tune up machine for cars) retains a lot of value as used machinery. A box of used wrenches doesn't. Don't forget, if he's keeping the house, to value that pole barn. (grin).

3. Gifts that were given were GIVEN AWAY. To the recipient. Got that? Gifts that were given were GIVEN AWAY. "I gave her a pair of diamond earrings, it cost me three thousand bucks, I want them back...."

Can you get them back? Answer

Wait! I've got a really serious one here. You don't understand. I gave her the wedding ring, and the engagement ring, but the whole damn marriage lasted seven weeks. Can I get those rings back? They're very expensive....

Can you get them back? Answer

Wait just a cotton-pickin' second here! I gave her the ring, but I'm still paying on it. My credit rating is being ruined. I have to make the payments, and she's got the ring? I still have to pay about four thousand dollars to get that ring paid off. The jeweler says he'll take it back, and give me full credit. Can I get that ring back? Answer

I hope the point is made: you gave it away, as a gift. It's hers [his]. Period. Forget it. Really.

A word of warning: I mentioned earlier in this chapter that the judge is a caring, sensitive person, who will listen to, and appreciate, the value of assets that have more sentimental or personal value than actual money value. Here's the warning: THIS DOES NOT INCLUDE PETS. There is NO judge that's going to do a custody case over Poopsie the dog, or Chatty the cat. Don't ask. If you have to disagree over the poodle, have the two lawyers agree upon, and appoint, a referee or mediator, whose opinion will be binding, but DON'T expect your lawyer to file a motion for "exclusive use or possession of Poopsie". It's not going to happen. If your lawyer should actually file it, he'll be removed from the courtroom if he actually shows up to argue it. He'll either be removed by all the laughter, or he'll be removed by deputy sheriffs, because he just got sent to jail for seriously wasting the judge's time (contempt of court). I know that some people get attached to their pets, and that's why I write this warning here: I'm serious, and just don't ask. Find another way to get it resolved.

Good luck with it.

Next Chapter

Back To Table Of Contents