RCD conundrum

[luddites]

The RCD is quite rightly coming under the microscope given the serious incidents of late, but here is a little light relief.

Husband and wife divorce.
Hubby moves aboard boat with a view to living aboard permenantly. Boat is a large capable yacht and in husband's name.
Court rules assets to be divided up including boat.
Court calls for standard market valuation via both parties' solicitors.
Boat home built started 10 years ago but not launched till last year. Not CE marked.
Court orders boat to be sold. Hubby says not on your life mate cant be sold till 2009 or I would be committing a criminal offence, (boat in hubbys name only).
Lawyers scratch their heads and send out more invoices, surveyor puts a very low value on the boat because standard market value demands a willing buyer and willing seller, so what is the market value when the vendor refuses to sell on the grounds he could go to prison for 3 months etc.
Court can't order an individual to break the law even under the terms of a distress sale.
Everybody mutters about post certification but boat is ferro and MCA etc all say not a chance mate.

The above is hyperthetical, not based on any real people or events and is my interpretation of the law which might be wrong, but I would like to know what the answer is. (I havent got a ferro boat and i'm not getting divorced as far as I know)

 

[kingfisher]

The husband has to give the wife half of the value of the boat. the fact that he can't sell the boat is his problem.
So basically the husband is the one stuck with the boat he can't sell. If he hasn't got the money, he will have to sell the sports car and the dog to get the money to buy out his wife.
Sell the boat as a class D (inshore) vessel. The classification has no bearing on the subsequent use. Whether the buyer ands more importantly his insurance company will accept this, is another issue.

 

[luddites]

Right, but what's the value of the boat? Without a willing seller there can be no standard market valuation as demanded by the court. The court must have a valuation to establish what the husband must pay.

 

[Andrew_Fanner]

Tell ex to swivel.

 

[poter]

Andrew, thats not very charitable.... /forums/images/graemlins/smirk.gif /forums/images/graemlins/smirk.gif

 

[fireball]

Then valuation is the cost of rebuild ?? Surely the insurance company will have a value for it.
I didn't think courts would demand the sale of an item unless neither part could agree on who would have it, or is required to fund the split of assets.

 

[duncan]

simple - after 2 independent surveyors to value the boat on a net basis of getting any RCD status then ask wife's solicitors what value they are putting on the boat on the basis that she is getting it (the boat) as part of the split...............

 

[Sailfree]

Following Stingos experience (see lounge) reality is hubby and wife fight it out and legal costs exceed the total value of all the assetts!

 

[luddites]

Right, but the two independent surveyors will value the boat on the basis that it is illegal to sell it and there is no willing seller, ie practically nothing. So at this stage hubby digs his heels in and says I wont pay the other half anything for the boat. Court then must order it to be sold......... sale happens and hubby has broken the law. Incidentallyno broker would handle it anyway because they could be an accessory. And it has no existing insurance valuation co its home built ferro and not insured.
But we musn't loose sight of the fact that the vessel is a fine blue water yacht that's cost them both many thousands to build over the years.

 

[Guest]

Sadly have to agree ....

It's Hubby's problem .... I went through all this crap with my divorce ... BUT I was lucky that we sat down and hammered it out BEFORE solicitors got involved ....

So WE estimated value of house ... split 50 - 50.

Then we looked at the 2 cars, she kept one - I kept the other ... adjusted house value for difference.

I kept boat - adjusted house value for difference.

I took on debts and credits - adjusted house value for difference.

That is how we did it .... wrote it all down and signed it. Even to the amount of money I would pay fro kids and her etc. per month.
Presented it to her solicitor (she qualified for Legal Aid ... I don't !! so I said we agree and I don't need to hire one) ... and bobs the proverbial !! Of course her Solicitor tried the "you don't want to agree with this - I can break it and you get it all ...." She was not so silly and knew - screw the deal and get nought !! I don't live in UK so hard to press me ...

Then Solicitor tried the ... He's not in UK and can stop paying anytime he likes ... Why are such arseholes ??? Well it was a WOMAN solicitor ....

All went to Court ......... Court said they had never seen such a cut abd dried agreement and required ME to be represented in Court to verify it all .............. cost me near 3 grand in the end in legal fees !!!! B....ds !!

But I kept the boat !!!

Taken me 4 yrs to pay of the bloody debts though ... last biyt clears December 2005 ......... YIPPEEEEEEEE !!!!!!!!

AND I STILL OWN 43% of the house !!!!

/forums/images/graemlins/grin.gif

 

[jonjo]

[ QUOTE ]
will value the boat on the basis that it is illegal to sell it and there is no willing seller

[/ QUOTE ]
I think you are wrong. Shift the scenario over to a part built self-build house. The house might not pass a final building inspection prior to occupation but it is not illegal to sell the project in its current state.

 

[BrendanS]

Very different. There is a legal requirement for boats to be CE marked when first put onto the market or into service - with self builds being an exception, they don't have to be CE marked as long as they are not sold in the EU for 5 years after completion.

There is no legal requirement for houses to be CE marked, and it's not a criminal offence in the same way as for boats, though you would have to get the local inspectors in at each stage of a house build to comply to building regulations etc etc

 

[Guest]

Home completed boats ...

As I understand it - the 5 year rule kicks in when the boat is substantially completed and commissioned ... not before. Otherwise there are a lot of illegal sales !!

But at all stages she has value - even if you cannoyt sell as they would assess potential or comparable market value - as if boat was constructive loss and was to be replaced ....

 

[BrendanS]

Re: Home completed boats ...

In the example given in the original post, the boat was specifically described as completed, launched the previous year, being used as a liveaboard, and not CE marked. The 5 year rule would be well underway

 

[Guest]

Apology - should go back and recap !! nm

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