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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Family Law
Satisfied Customers: 41221
Experience:  I provide family and divorce law advice to my clients in my firm.
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If a judge appoints a master of property to handle the sale

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If a judge appoints a master of property to handle the sale of a boat in a divorce, so that the proceeds will be divided between the wife and husband after all expenses are paid relating to the sale, and he is unable to sell it, what happens? He is welcoming an offer from the husband in order to help him (the master) from losing any more money. If he accepts an offer of $5000, just for example, does that all go to the wife because the master could not do what he was appointed to do?
Thank you for your question. Please permit me to assist you with your concerns.

Did the courts place a minimum price for the value of the item, or has the third party been granted his own right to evaluate and sell? Is he selling directly or via auction? Has a deadline been granted by which time this item has to be sold off?
Customer: replied 4 years ago.

The judge estimated that the equity in the boat would be about $55,000 because the appraiser testified it was worth about $135,000. So, the only term relating to the amount of time it should take was "forthwith". I assume that means immediately or ASAP. The master is using a broker whom said he would sell it within a month, that was over 2 months ago. The master listed it at $139,000, then last week it went to $125,000 and now it is at $115,000 with still no lookers.

Thank you for your follow-up, Velina.

The master of property has to show that he is attempting to sell in good faith--it is really not his fault if nobody is willing to purchase. If, for whatever reason the boat cannot be sold, then the master of property could consider seeking an auction of the asset so as to quicker split the value between the parties. That, however, is really the last resort fter a reasonable time was provided for a regular sale (since an auction is out to sell property at true 'firesale' rate and not the true market value. The master has to act as a roper fiduciary meaning he has to accept reasonable offers, not any and all offers provided on the item.

Good luck.

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