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Insurance Valuation of Marital Property Results in Virginia Equitable Distribution Award Being Upheld
Posted on Jul 13, 2009
The Husband appealed the trial court's valuation of tools used in his business, claiming that their value was far less than the court assessed. The Virginia Court of Appeals denied his argumnet and found the trial court had properly considered all of the evidence as to their value.
Husband’s tools came from a now-defunct car care center he owned and operated during the marriage. When applying for a bank loan, he valued the tools at $80,000. He insured the tools for $40,000 and renewed the policy with that amount of coverage. For equitable distribution purposes, he argued the tools were worth between $10,000 and $12,000. Throughout the evidentiary portion of the hearing, Husband renewed his insurance coverage for the tools for $40,000. The evidence was sufficient to value the tools at $40,000 based on the insurance value Husband claimed when applying for coverage.
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Law Chambers of Anton J. Stelly
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