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two people are getting divorced. there are two cars. Car 1

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two people are getting divorced. there are two cars. Car 1 is registered jointly. car 2 is only in wife's name. How will this be divided? For husban to keep car 1 will he have to pay wife half of car 1's value.
Submitted: 5 years ago.
Category: Family Law
Expert:  P. Simmons replied 5 years ago.
Can you tell me were both cars acquired during the marriage?
Customer: replied 5 years ago.
wife owned car before mariage. Joint owned acquired after marriage
Expert:  P. Simmons replied 5 years ago.
Ok, just to make sure I understand, the car that still has money owed on it was brought to the marriage by the wife?

How long has the marriage been and how much is owed on the car still?
Customer: replied 5 years ago.
no cars have money owed. they are not financed.
Expert:  P. Simmons replied 5 years ago.
Ok

sorry, and thanks

One more...did the car wife brought to the marriage...did she own outright or was there money owed at the time you two were married?
Customer: replied 5 years ago.
no she own outright when they got married. they married in nov 07. car 2 given as gift to them in nov 08.
Expert:  P. Simmons replied 5 years ago.
THanks for that

If the wife brought one of the cars to the marriage, she would typically leave the marriage with the same car...the husband would not typically acquire an interest in that car.

In the other car, they would own together...and if they divorce they will need to "split it"

Obviously they are not going to cut it in 1/2 literally...but they can divide when the determine assets.

Example; lets say the car is worth $10k today...and there is 20K in other assets...if the wife keeps the whole car, then the husband will get credit towards the $5k he is giving to the wife. So in this example, if the entire marital property is $30k ($10k car, $20K other), and the wife keeps the entire car, then husband will get credit towards the rest of the property...so, husband gets $15k of property, wife gets car ($10k) and $5k of property.

That is just one example...there are lots of ways to divide and if they agree (and its fair) you can go with that manner. If they can not agree, the court will need to get involved and divide

Please let me know if you have further questions; if so I will do my best to answer them. If not please hit the accept button, its the only way I get credit for my work.

P. Simmons, Lawyer
Category: Family Law
Satisfied Customers: 27171
Experience: 16 yrs. of experience including family law.
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