In Arkansas, if a married couple only has one car (which I drive to work and back). my question is does or will the judge normaly make you give up your only means of transportation in a divorce. My wife is disables so she says and is on GOV dissability and has not job in years. part of that could be all the pain meds she is on as well. Me on the other hand I have a great job, I owe my mother-in-law some money for the car. would a Judge normaly make me sale and split my only means back and forth to work?
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How much is the vehicle worth and how much is owed on it?
And what other assets of the marriage are there?
So you owe about what it's worth anyway?
Or do you know the approximate value of the vehicle?
And is it titled in both of you names?
How far away from where you are living do you work?
And how long have you been married?
Thank you. In situations such as this, I typically see the judge awarding the vehicle to the spouse that has the job and needs it, but will also award an offsetting payment to the other spouse (to compensate for essentially half of the asset). Now where there are no other assets, money, accounts, etc... this typically takes the form of a "promissory note".
Basically you would have to pay her a certain amount (and generally half of the loan) within a certain period of time.
In short, you would take take half of the equity and be liable for half of the loan, and your ex would be responsible for the other half, and get a payment of the other half of that equity.
Furthermore, it might be that the court would award her an Alimony payment due to her disability and your ability to pay.
That would be more likely that they would let you keep and utilize the vehicle.
If it was a significant asset (say a brand new paid off BMW) they might make you sell, but where you can't really sell and get a just as reliable vehicle for cheaper, then they probably won't make you sell.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, and good luck to you!
My pleasure, and again, good luck to you!
My pleasure, and again good luck to you!
Licensed Texas General Practice Attorney
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