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Category: Family Law
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I have an old car a, 1970 Plymouth, that I bought in 1979.

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I have an old car a, 1970 Plymouth, that I bought in 1979. My wife wants a divorce. We were married in 1994. Will I have to sell the car and give her half?

DanielleCPA :

Welcome and thanks for your question!

DanielleCPA :

Again, sorry to hear about the potential divorce.

DanielleCPA :

It is extremely difficult to say whether you will be required to sell the car and give your wife half. It really depends on what the attorneys work out in the settlement proceedings.

DanielleCPA :

In general, the more amicable the divorce is, the less likely it is that the other spouse's attorney would try to force the sale of something like the car, but I can only speculate on what will happen.

DanielleCPA :

Keep in mind the potential tax consequences if a sale is forced. If you end up selling the car for more than what you have put into it (original purchase cost plus restorations and significant repairs excluding normal maintenance and repairs), then you may have a taxable gain on the sale.

DanielleCPA :

If you sell the car for less than what you have put into it, then there would be a loss, but it would be a personal loss and not get reported on the tax return.


We have put nothing in it It has just sat there. Thank you Danielle. And yes I hope for reconcilliation 20 years is too much to throw away.

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