Determining the marital estate value in a divorce settlement involves taking what a couple owns minus what they owe. Each party must create a budget of expenses to help establish the marital estate value. Among the expenses in your budget a Ventura divorce lawyer would suggest you allow for are transportation expenses.
The cost of securing a car should be the first expense to determine. A Ventura divorce attorney explains that this expense is in the form of a lease or a car payment to a lending company.
Another consideration is the cost of replacing a vehicle. Many people find themselves in a situation where a vehicle needs to be replaced during the process of divorce. The suggestion of a Ventura divorce lawyer is to place the expense of replacing a vehicle as part of the budget where it will be considered in the summary and division of the marital estate.
Establishing a Standard of Living
The type of vehicle can be an issue in defining a standard of living. While both parties would agree that a person needs a vehicle for transportation, a Ventura divorce attorney would advise against needing a $75,000 Corvette to satisfy a midlife crisis.
A Ventura divorce lawyer will tell you that owning a luxury vehicle also has a potentially unfavorable effect on an individual budget, such as the cost of maintenance. It could be a disadvantage if things go wrong, as the courts may not have much sympathy on the issue. It may be better to show supporting evidence that a luxury vehicle is too expensive to keep and a replacement would be denoted.
Considering Public Transportation
For those that live in urban areas with good public transportation, many will choose this option for their transportation needs. A Ventura divorce lawyer will tell you that this may raise a question as to whether having a car is a necessity or a luxury.
Developing your budget for valuing the marital estate can be quite complex and having experienced legal representation is important to help you with this and other aspects of your divorce. For a consultation with a Ventura divorce lawyer, call the office of Gary Mitchell at 888-452-1846 today.