When preparing for a divorce, clients in Richmond and Williamsburg often have questions about how personal property such as hobby items and recreational goods are split.
What Falls into the Category of Recreational Equipment
Such items as a motorcycle, an RV, a snowmobile and a boat will fall into this category. Frequently, the spouse that uses these will want to keep them instead of selling them and dividing the proceeds. Because of that, the value of them must be included in the marital estate.
If the husband and wife are unable to agree on what they're worth, referencing the internet can help find their value. If the items are not in working condition or are damaged, the value will likely be reduced. It will be calculated how much it will cost to get these pieces of equipment back into sound condition, and that will be deducted prior to entering the value into the estate.
Parties who are still not able to agree will use an appraiser or a person who deals in these goods.
How Hobby Goods Will Be Valued
Hobbies will vary. A person might collect baseball cards, make model airplanes, have old-fashioned toys, indulge in photography or enjoy woodworking. These are usually limited to the person who partakes in the activity. Neither the husband nor wife are likely to have interest in the other's hobbies. This means that they won't have to be part of the marital estate's valuation.
Much like the recreational activities, prices can fluctuate and value depends on the beholder. However, if there were expensive items such as a sewing machine or old-fashioned cameras, the value might be in dispute. Then it will have to be brought into the valuation of the estate.