What do I do when we have joint car loans and are getting divorced?
Question Details:
Me and my wife are getting divorced and we have 2 cars with liens on them. The first vehicle is solely in her name and the 2nd is in both our names where she is listed as a co-signer.
These are marital debts and the cars are marital assets; it makes no difference if one is in one person's name and one is in both names. You need to decide who gets which car and arrange the financing accordingly. If one has to refinance solely in his or her name or buy the other out, then that is what needs to occur. Further, if the car is in both people's names, then you need to ensure the one who doesn't want that car transfers his or her portion of the title to the other and the other must then re-register the vehicle solely in his or her name. If you feel you cannot decide this amicably, see how the court decides and immediately abide by the order so you don't wind up in contempt.
