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Can you buy a new car mid-divorce in Wisconsin?
My car, which is registered in my name, just broke down, and I need to purchase a new vehicle. The problem is that my divorce is not finalized. Can I take out a loan to buy a car before then?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When looking to
buy a new car
mid-divorce, keep in mind that if there’s still equity in your current vehicle, it’s considered community property and must be divided as such. The same is true of putting equity in a new car. While you could take out a loan to purchase a new vehicle, you can’t impair your partner’s credit during a divorce, and any equity you put into the vehicle will be divided at the date of the divorce.
A better solution might be to lease a new vehicle. There’s no ownership equity so you won’t have to split the value of it with your spouse.
Divorces can be messy, especially when it comes to shared property and accounts. Another thing to be mindful of is dividing your car insurance policy (if you haven’t already).
Getting your own policy doesn’t have to be stressful. Leave the hard work to
Jerry
. Jerry will compare rates to find the best deal, cancel your old policy, and review your policy every six months.” View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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