What are Recreational Vehicles?
Recreational Vehicles generally have a more specialized purpose than the car or motorcycle that you use to get to work, to the store, or to take the kids to school. These vehicles are mostly just for fun and include motorhomes, dirt bikes, four wheelers, ATVs, boats and personal watercraft. Some families may even own small airplanes that they use for recreational purposes.
🤔 Understanding how Recreational Vehicles affect your divorce.
Recreational Vehicles acquired during the marriage are usually treated as marital property. Assets acquired by one spouse but which the other spouse uses regularly during the marriage may also constitute marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. If the asset is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and the amount of the monthly loan payment.
As you consider how to divide the assets acquired during the marriage, it’s best to take into account the purpose and primary user of each asset.
Jerry was raised in the great outdoors and loves his dirt bikes and four wheelers since they go hand-in-hand with the camping he loves so much. Recognizing their different preferences, Sally suggests that Jerry keep their four wheelers knowing Jerry will return the favor with some assets that mean more to her than they do to him.