As you come to the realization that divorce is imminent, it's important to make a list of your assets and debts. This will give you the organization you need to make informed decisions with the idea of protecting your property and legal rights.
At some point, you'll wonder who gets the family car (or cars). This is particularly true if you're concerned about your ability to pay for a vehicle after your divorce is complete.
Here are a few points of consideration:
- When the car was purchased: For example, if you owned the vehicle before your marriage, and your name is the only one on the title, you're entitled to receive it in your divorce settlement.
- If the car is jointly owned: If you purchased the car along with your spouse during your marriage, it'll become a part of negotiations during your divorce.
- Split the car: It's not possible to physically split a vehicle, so you need to consider other options. For example, you can sell the vehicle and split the profits evenly. Another option is for one person to take the vehicle, while the other receives an item of equal value in return, such as furniture or electronics.
When it comes to matters of property division, preparation is key to success. Knowing what could happen during the divorce process can help you prepare accordingly.
If you own one or more vehicle, consider what will happen to it in your divorce. With the right strategy, you put yourself in position to obtain all of the assets that you're legally entitled to.