If your soon-to-be-ex-spouse offers to split up the classic car collection, here’s why it’s a good idea to get the cars appraised:
I was recently involved in a case in which an affluent couple was getting divorced and was in the process of dividing their marital assets. Included in these assets was a 1966 Plymouth convertible that the wife drove on occasion and a 1970 Plymouth convertible that the husband drove rarely. The husband had purchased both cars a few years earlier.
As the divorce proceeded the husband casually suggested that his wife keep the 1966 Plymouth convertible and he keep the 1970 Plymouth convertible. She didn’t see any problem with this and readily agreed. Her attorney however felt that it might be wise to have both cars appraised just to make sure that the value of both cars were similar, even if not exactly the same.
I first went to their home to appraise the wife’s car which turned out to be a beautifully restored 1966 Plymouth Valiant convertible which I valued at about $15,000.00.
The husbands’ 1970 Plymouth convertible also turned out to be beautifully restored but it appraised for slightly more. Slightly more than $1,000,00.00 that is. That’s correct, one million dollars. His Plymouth turned out to be a Hemi Cuda convertible.