Sell it or Keep it

[JDB]

Going through a divorce and will have to sell our acreage. If I give her half the value of the tractor, I can keep it. The tractor can be stored inside at the family farm that is leased out. My 79 year old Dad already has a tractor so doesnt need mine. It would likely just sit in storage most of the time. When everything is settled I should have enough to look for another acreage maybe in 2-3 years or so. Not sure how bad it would be so store it that long. Hate to sell it because I really like it and know what Ive got. Had it 10 years now. Currently used for bush hogging, snow removal, and grading driveway. Doesnt get worked all that hard. I am the second owner, first owner was a dairy farmer.
1989 Ford 7710 series II Cab, Heat, AC, Dual power, 2 remotes, diff lock. Everything works. Engine overhauled by dealer at 5500 hours, have all paperwork. First owner was scooping corn into a grinder mixer when the oil sending unit blew and he did not notice until all the oil was gone. 5710 hours on it now.
I also have 2 Case DCs, definitely keeping them.
Dont have to sell the Ford but would I be wiser to sell it and buy something else when I have an acreage again?

 

[NY 986]

It's a tractor you know and good quality tractors are getting much harder to find. Unless you really need the money you should keep it.

 

[flying belgian]

Boy that's a tough question. On one hand I don't think you need a 100 hp. tractor for an acreage so I would sell it and buy a compact when you need. On the other hand you know what you got there and it sure looks like a nice well kept tractor and I never heard anyone complain.... I don't like my tractor, it has to much horsepower. Is the snow removal done with that rear mounted bucket?

 

[1939farmall]

Sorry for your situation.

Its just my opinion, but, I would keep it. You really dont want to sell it, and its a good machine with low hours on the rebuild. Storing it shouldnt hurt. I look at it this way, you can always sell it, but you cant always buy it back.

 

[David Snipes]

I would keep it. You know what you have, buying another one is always a gamble and if you bought a new one you won't be able to work on it.

 

[JDB]

As a follow up, planning to move back to my hometown soon as I find a job. Should be able to buy more acreage there for the money

 

[sotxbill]

You should definitely sell it to me. Email is open.

 

[larry@stinescorner]

that's exactly what I Was gonna say too

 

[old-9]

Keep it, that nice of a tractor would not be hard to sell in the future if things do not work out. Just my 2 cents worth. joe

 

[Keith Molden]

X2

 

[Richard G.]

X 3.
You know this tractor.

 

[SidS]

Fix your marriage and all will be well.

 

[504]

If you think of it as 1/2 price for the tractor,that is a great deal.

 

[ihjason]

I would definitely keep it. That looks like a nice tractor. If you did end up selling I know I'd be interested.

 

[Patsdeere]

sell it to a dude (friend she doesn't know) for 1/2 of the value then buy it back cheap. She thinks she got you, but you get the last laugh.

 

[pete 23]

Keep it. Put a fair price on it for her half and sleep well. Also, don't just let it sit for two or three years. Get it out for a good warm up a couple times a year at least. Make sure batteries are clean enough to eat off and fully charged. Un hook ground cable or cables, and if possible put a battery minder on. New oil in engine and a storage fuel treatment in tank, full if possible.

 

[GermantownGreen]

The best of thoughts to you in your situation.
Just like a friend shared me long ago, if you have a good rifle, and think you want to sell it to upgrade or make a move, you'll never be able to buy it back, the same as this tractor.
Also look at the values now, they are higher than 24 mos ago!
Best of luck with your family, GG

 

[ss55]

That would be an easy decision for me to sell it. Farm income and used tractor prices are very very high right now, that probably will not last another three years. A lot of other things can change in three years too. Keeping it become a burden that could prevent you from doing something different in the future.

I would not pay the extra 50 percent of the tractor's value only to have it become another thing that you can't use. Add up your DIRTI five costs to keep the tractor for three or more years: Depreciation; Interest (on the investment); Repairs (belts, batteries, hoses and fluids that it will need after three years of storage, plus any rodent or storm damage); Taxes; and Insurance, then add storage costs too (your dad deserves something for storing it for you).

If you are in love with this tractor and cannot imagine having a different tractor, or have money to burn, then keep it. Otherwise take plenty of pictures of it and sell it.

 

[aFORDable]

If you can afford to keep it then do so. If in time you see that you are not going to need it then you can sell it. Proceed slowly with decisions you might later regret.

 

[rustred]

thats why it's cheaper to keep her. nice tractor though.

 

[redforlife]

If I am reading into this right, you will be selling your current property, forfeiting 1/2 of the money it generates over any financing that may be incurred on it, and you'll be walking away with half of everything included in the marriage, IF your lucky. I think I would be re-asking myself, how likely am I going to be buying different property in 2 to 3 years.
In my area, your not going to touch any farm ground at appraised value right now. And a guy would sure run into trouble getting financed for enough to get something bought. Meaning, farm ground will bring more money, than what the bank will loan you to buy it. Maybe this is not the situation where you are at, but it sure is here. And unlikely to change anytime soon.

A place just sold here last week for $14000 an acre. Probably appraised and only worth 8 ish. Kind of makes it hard for a guy that has to have some financing backing to buy it.

As for the tractor, that's a tough call. I can see why you are asking. If it were me, I'd probably keep it, if it wasn't going to be a financial burden. Meaning, if you could make better use of the money, if it wasn't tied up in the tractor. But, you can always sell it later, if selling it turns out to make more sense later on.

ALOT of things will likely make more sense, once the divorce is final. It's kind of hard to make sense out of anything, while you are grasping at straws going through a D.

6 months from now, your new girlfriend or wife, might not want to have ANYTHING to do with a farm or tractor neither one.

 

[JayinNY]

Keep it, I went through the same thing, lucky my ex didnt go after my belongings had she gone after my house two things wouldve happened Id be in jail and shed be dead she didnt pay dime for my house so she wasnt going to get anything, if its not too late can you sell it to a family member to show you dont own it? I was going to transfer the deed of my house to my dad but my attorney told me not to because it wouldnt look good for the judge, well the judge wasnt on my side anyway, he was out for mom and her attorney, Best of luck to you good luck if you have a kid involved its going to be a real $hit show for you,

 

[Ldwallace]

I have a different perspective from the other posters.

I think the massive inflation we are seeing now, which is way more than the 8-10% the administration will admit to is not temporary. It is possible the price of hard goods will double in the next three years.

If you believe that, dont sell and put your money in a money market.

As a caveat to my comments. I dont own a crystal ball. If I did I would be on my mega yacht right now.

Go with your gut. What will make you happy? Maybe sell the tractor and buy something you want.

 

[Johnhof]

How about say honey I know you liked that tractor so ok to buy me out? Another poster suggests selling it and buying something you like. If you cant think of anything you would want then its decided.

 

[macec3]

Keep it. Tractors like that are hard and probably impossible to replace.

 

[Welding man]

I have sold 2 Ford tractors in the last month for a heck of a lot more than I paid for them. I sold them because I no longer needed them and the people that bought them did. They were both farmers that needed a good tractor. I did not advertise to sell either one of them. They came to me. Sooner or later it's time to let go of things if you don't have someone to leave them to. Good luck with your decision.

 

[Crazy Horse]

Jay .... 'Id be in jail and she'd be dead' ..... hmmmmm, well that would certainly have solved the problem I guess. Hopefully your jailers would have allowed you to access the YT site and you could've told us how things were in your new home. I'm thinking you weren't serious.

 

[NY 986]

Sometimes things are not fixable. People can be pretty good about hiding their poor character until after the wedding ceremony. This goes for both men and women.

 

[Jimmydog]

Keep it. Two things I don't sell: tractors and firearms.

 

[Gene Davis (Ga.)]

I decided after a bad time with my evil first wife, that if they weren't worth living with, they weren't worthg going to jail for!

 

[Fordy20]

If you're planning to buy 40+ acres and equipment sized for it , that tractor might be OK. If you're planning to buy 10 acres it's probably to heavy and not suitable to do smaller duties. I have 5 acres and a 4020 that's my favorite and I could get along with just that one tractor. But it's big for the equipment I use and heavy, packing the ground, so I bought a 5045E JD that's my main tractor.

Not knowing your total situation, it would be pretty hard to offer a lot of useful advice.

 

[MarkB_MI]

> sell it to a dude (friend she doesn't know) for 1/2 of the value then buy it back cheap. She thinks she got you, but you get the last laugh.

That only works if his ex doesn't know what the tractor is worth. Which seems unlikely; it's more likely she thinks it's worth more than he can possibly sell it for.

 

[1948CaseVAI]

Nothing ever works as smoothly as you think it will. You may very well never get any acreage again - you have no way to know. Nice dream but at this point that is all it is. Where would that money come from?

If you store the tractor until you need it for your "new" farmland it may be a stuck rusty mess by the time you either need it or give up the dream. Divorces never work as planned. Dump the thing while the dumping is good - it is just old iron and easy to replace.

With the exception of children the less baggage you carry out of a divorce the better off you will be.

 

[JayinNY]

I agree, that why im still here!

 

[JWinIndiana]

Don't know your location, but would be willing to let you store it on my farm and I will warm it up and use it from time to time for you just so the tires stay round and she remembers how to work properly! (sarcasm intended)

Hope things work out well for you.

 

[dhermesc]

Sell it to me for $4000 and I'll sell it back to you for $4000 when you need it back. Your wife gets $2000 that way and you get your tractor back when you need it.

I did that with a guy years ago with an 8N, only I paid him $500 for it - his wife knew me a thought I would have paid a fair price for it and didn't contest it. I played with it for a couple years then he remarried and need it back.

 

[ss55]

2X

 

[DoubleO7]

(quoted from post at 12:48:09 05/02/22) > sell it to a dude (friend she doesn't know) for 1/2 of the value then buy it back cheap. She thinks she got you, but you get the last laugh.

That only works if his ex doesn't know what the tractor is worth. Which seems unlikely; it's more likely she thinks it's worth more than he can possibly sell it for.

When dividing assets like this, does not the court and/or opposing attorneys require a third party appraisal of all assets ??
Determining fair market value by someone up to date on current market values?

I would think the opposing attorney would have to be pretty stupid to let the other party sell off stuff at ridiculous prices or to friends, neighbors, etc. Cheating his client.
Some of the suggestions to do shady stuff might get you more then hand slapped by da judge.

 

[muleboss]

Sell it. Its just iron.

 

[Fritz Maurer]

Was it purchased during the marriage or before? Its not marital property if you bought it when single.... what say your attorney? Fuel and fertilizer going out of sight, plus a divorce... what makes you think youre going going to have any money in the next five years? Hang on to anything you can.

 

[ss55]

Are any children involved, will there child support? Children should be the top priority.

 

[BarnyardEngineering]

When dividing assets like this, does not the court and/or opposing attorneys require a third party appraisal of all assets ??
Determining fair market value by someone up to date on current market values?

I would think the opposing attorney would have to be pretty stupid to let the other party sell off stuff at ridiculous prices or to friends, neighbors, etc. Cheating his client.
Some of the suggestions to do shady stuff might get you more then hand slapped by da judge.

Not much else the judge can do but slap hands, though. The asset is gone, the money is what the money is. Can't get blood from a stone.

 

[DoubleO7]

But it would still be a stupid, inept lawyer to let it slide.

I could see the judge ruling that the tractor was sold grossly under market value by $5000.
You sir owe your wife another $2500.

Just because the asset has been liquidated by either party vs some sort of third party sale, does not mean
the judge is gonna let it slide.