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Is a car defined as marital property?
The title is in my soon-to-be ex-husband's name, but when we were together, we used it as a family car. Would it still be considered marital property?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Generally, cars are considered marital property and when you divide your assets, whatever equity you have invested in the vehicle will be parcelled equally. The loan, if you have one, may also be subject to equal distribution.
If both of you agree that one of you should keep the car, this can make the divisions more straightforward. If you want to keep it, you will have to transfer the title, registration, and
car insurance
payments into your name. Whether you keep the vehicle or buy a new car, you will want to review your car insurance policy. Divorce can affect your rates, so it’s a good time to shop around and make sure you’re getting the best deals.
Try the free
Jerry
app to help compare rates from the top 50 companies. Jerry finds the best deals and delivers them to your phone in minutes. We’ll also do all the paperwork for you, including transferring your information from your current provider to your new company and we’ll even cancel your old policy for you.”View full answer
- Gregory R.
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