Financing A Car During a Divorce

My wife and I have been separated for well over 5 years at this point and recently I financed a new car. I co-signed with my dad in this case. Anyway, we’re going through the divorce finally, in Florida, and I was curious. Since the car is financed, do I need to list it as an asset and a liability or just a liability. She isn’t interested in the car so I wasn’t even sure if I needed to bring it up due to the length of separation and the car not being contested anyways, but I read that since I’m financing I need to at least list the payments as a liability. I’m just looking for clarification.

Asked on September 11, 2018 under Family Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

It is listed as both an asset and a liability. For example, say it is worth at present (due to depreciation) $18,000 and you owe $16,000 more on it, making payments of $400/month for the next 40 months. You list the car as an asset; you list a debt of $16,000 with $400/month due on it.


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