Can you refinance a car during a divorce in Illinois?

My spouse and I have shared a car for the duration of the marriage, but now we've agreed that he can keep it by buying me out of it. Can we refinance the loan with just his name?

Answer
“Yes, you can refinance the loan. In fact, refinancing is a smart option if you want to avoid having to share responsibility for the debt after the divorce.
Keep in mind your ex will have to go through the refinancing process all over again to qualify for the loan. If qualified, you’ll need to transfer the title, registration, and car insurance into his name.
If you haven’t already, you’ll also want to make sure you both have your own insurance policies. I know it’s another thing you have to do, but it doesn’t have to be a stressful process. Try using the free Jerry app to compare rates and get the best deals delivered to your phone in minutes. Jerry will even do all the paperwork for you, transferring your information to your new provider and cancel your old policy.”
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Sophie Newman
Answered on Aug 09, 2021
Sophie Newman is a writer from California. Her hobbies include brewing her own kombucha, riding horses, and taking long road trips.
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