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Tool Value

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L

LLAngus

Jedi Knight
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/ubbthreads/images/graemlins/lol.gif Friend of mine went through a divorce and the judge valued all his tools as brand new. Reason--they have a life time warrenty and therefor they would never depriciate. /ubbthreads/images/graemlins/nopity.gif /ubbthreads/images/graemlins/nopity.gif
 
Bruce, I sincerely hope he was on the receiving end of that determination. However, I highly doubt it. /ubbthreads/images/graemlins/cryin.gif
Jeff
 
That figures. If you look around, you will find that even used Snap Ons do not carry the value of new ones. The only exception to this that I can think of, is for factory special tools(Like Churchill) or for factory tool kits for E types and the like.
 
[ QUOTE ]
... the judge valued all his tools as brand new. Reason--they have a life time warrenty ...

[/ QUOTE ]

Absurd. All decent tool outfits will replace one broken tool, but even Snap-on would balk if you walked in with a box full. Did your friend have a lawyer?
 
[ QUOTE ]
Reason--they have a life time warrenty and therefor they would never depriciate.

[/ QUOTE ]

Absolute nonsense.

The warranty has nothing to do with the value.

Applying commnly used depreciation policies, if that is what the judge wished to do, would reduce the value of the tools to virtually worthless if they were more than even a few years old.

What's more id our enlightened legal eagle asses them at their historic, i.e. purchase cost as any good accountant following Generally accepted accounting principles would, or did the turkey use current replacement cost- they do you think the spouse could claim an interest in future "appreciation"? /ubbthreads/images/graemlins/cowboy.gif

CRAZY! /ubbthreads/images/graemlins/crazyeyes.gif
 
Depreciation does not apply to domestic cases only business. And yes he was on the wrong end of the deal. His former wife used the value to get an additional 1/2 of the tools. Ouch!! /ubbthreads/images/graemlins/hammer.gif /ubbthreads/images/graemlins/thirsty.gif
 
Using that logic, then any car still under factory warranty should still be worth what you paid the dealer for it.
And we all know how that REALLY works.
I agree, your friend should be looking for a good lawyer, that's BS
 
I have a bunch of Snap-On tools I'll sell for replacement
value.Anyone interested?

- Doug
 
Another example of why it's best to stay out of court if you can.

It's a shame that many well educated people have no common sense, including some Judges.
 
Wonder if judge was a woman?
 
Remember - this is in California,where common sense makes
no sense,at least in the courts.

- Doug
 
Does that mean that if she got the washing machine and he bought an extended warranty then it's valued at full retail for the next 7 years? Just wondered...

(Ducks to hide from the flames)
/ubbthreads/images/graemlins/jester.gif
 
she got the gold mine and he got the shaft typical for divorces these days dont ask how I know that been there done that and she got the T shirt
 
Judge didn't get that idea on his own.

Someone had a clever lawyer. Someone else didn't.

[edit]

Someone had a clever lawyer...and the judge liked the argument. Sometimes no matter how clever the other side is, there's no winning. Been there (from the lawyer perspective)....got screwed.
 
That's a precident I'd rather not see...

Uh-uh.
 
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