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How is a car loan divided in divorce?
Dividing debt is a standard part of divorce proceedings, and even if a vehicle is in one spouse’s name, the court may order the other spouse to make full or partial payments. If your wife’s name is the only one on the loan, she’s the only one held responsible by the lender.
Are cars considered marital property?
California is a community property state, meaning that all community property and debts that are acquired during marriage, including real estate and vehicles, are considered to be the joint property of both spouses and are distributed equally.
Does a co signer have rights to a car?
Unfortunately, being a co-signer doesn’t give you rights to the property, car or other security that the loan is paying for. You’re simply a financial guarantor, and if the primary signer fails to repay the debt, then you’re next in line to make it happen.
How is debt divided in a divorce in Florida?
Are debts divided in a divorce? Yes, debts acquired during the marriage are typically treated as marital property in Florida divorce cases. Therefore, debts will be divided 50/50, unless there are reasons why an equal split would be inequitable (unfair).
Can your spouse take your vehicle?
In most states, the parties are entitled to whatever assets they brought to the marriage. As such, if the family car belonged to the husband prior to the marriage, it is likely he can take the car during the divorce. This is also true for most other types of premarital property.
How do I get a co-borrower off my car?
Fear not, as there are two main ways to remove your name from a joint auto loan: refinancing or selling the vehicle.
- Refinancing. If the other co-borrower wants to keep the car and you want your name removed from the loan, they can try to qualify for refinancing.
- Sell the car.
Is it illegal to hide a car from repossession in Florida?
No. It is against the law in every state for a person engaged in a repossession to disturb any other personal property that is not the subject of the repossession (or located in the repossession). The can’t open a locked gate and they can’t move a vehicle.