Questions regarding independence take on new meaning when it comes to divorce. Questions begin to arise when they pertain to vehicle ownership. Here are just a few questions you should keep in mind if it looks like your marriage is ending.
How are cars distributed in a divorce?
Vehicles purchased during the marriage are considered marital property. They will be considered in the property division. You can ask to keep your vehicle(s) but if there is any equity (value), you may have to buyout your spouse’s interest. If the car was already yours before the marriage, it is yours to keep free and clear.
What if the car is in both our names?
If you are keeping the car, then your spouse has to sign over title to you. If the car is being financed, then depending on whatever payment arrangements are agreed to, once the car is paid in full, title is signed over to the party keeping the vehicle.
Is there anything I can do if the car is not in my name?
As long as you and your spouse agree that you are to keep the car, he or she will sign over title to the vehicle to you.
Whatever you do, consult an attorney first before taking any actions regarding the vehicles owned during your marriage. For example, if your spouse drives a car titled in your name, it does not necessarily mean you can just take the car, even if you have the spare key!
Also Read How Is Marital Property Divided According To NJ Divorce Law?
