If you are divorcing your spouse, you already may realize you must come up with a way to divide your marital assets. While there are exceptions, marital assets are generally the items you acquired during your marriage. According to Texas law, you and your soon-to-be ex-spouse have an equal ownership interest in marital assets.
Before dividing your marital estate, you must know how much your assets are worth. While it may be comparatively simple to appraise your home, retirement accounts and many other assets, your classic car may be a different story. Here are four things you should consider when valuing a classic car before your divorce.
1. National Automobile Dealers’ Association guides
The NADA has been the gold standard in appraising vehicles since the early 1930s. While your car may have features that make it unique, looking up its value in the NADA guides is a good place to start.
Fully restored cars are usually worth more than those that need a bit of work. Likewise, a partially restored car is typically more valuable than a project vehicle.
Just like other pieces of art, some classic cars are rarer than others. When determining rarity you must look at both the number of cars made and the number of cars that remain. If your vehicle has a link to an iconic film or has a one-of-a-kind feature, it is also likely to be rare.
Classic car collectors have their preferences. If you own a vehicle that others want, you can expect your car to be worth more than one that is less popular among collectors.
Ultimately, if you can come up with a realistic valuation for your classic car, you have the information you need to decide what you want to do with it during your divorce.