Who Gets the Car in a Divorce?
Cars often hold a special place in our hearts and can be one of the most significant purchases that we make. This can lead to various disputes during divorce proceedings about who gets the car in a Divorce.
When couples decide to divorce, there is often disagreement surrounding finances and assets that form part of the marital pot.
When a couple divorces there is a need to divide assets, money and other property. However, these are broadly divided into two categories, ‘marital’ and ‘non-marital’ assets.
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Non-Marital Assets
If you have assets that you owned before the marriage, such as money or property that you have inherited, pay-outs from legal settlements, or gifts that you receive during the marriage that were not intended as ‘family’ gifts, these are non-marital assets and may not be included in the divorce, anything else forms part of the matrimonial pot.
How much is the car worth?
The first step is to determine the value of the vehicle. The most irrefutable way to do this is to ask a legitimate dealer to carry out a valuation, although it is also possible to just agree on the value between yourselves.
You should consider if there are any liabilities such as a bank loan which in effect reduces the value of the car.
If you have a personalised number plate you should also find out how much this is worth as it could be quite valuable.
What other assets are there?
The way that a car is dealt with in a divorce settlement will depend upon what other marital assets are held by the parties. If cars are retained by one party, then this will impact the overall allocation of the matrimonial assets.
Whose car is it?
For the purposes of divorce, it doesn’t matter in whose name your cars are registered in. The important thing to remember is that matrimonial assets are treated jointly and added to the overall pot for distribution.
Who is going to be responsible and maintain the vehicle?
There are various legal requirements involved with running a car, such as keeping the vehicle taxed and insured and making sure that there is a valid MOT. You should also agree who will be responsible for maintaining the vehicles.
It is vital that you seek expert legal advice when high-value assets are involved in a divorce. This will help protect your best interests.
Contact our Family Law Solicitors
The right solicitor changes everything. Anglo Law Solicitors provides expert legal advice on family law and divorce proceedings.
Speak directly to a Family solicitor now on 020 3753 4667 or complete our online contact form for your free consultation.
We serve clients across the following areas
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* “The court have a wide discretion when deciding what orders to make in relation to financial proceedings. In exercising their discretion, the court will take into full account the specific facts of the particular case in question. The court are guided by Section 25 criteria laid down by the Matrimonial Causes Act 1973. In deciding how the family assets are redistributed between divorcing couples or determining what happens to income generating assets, the court will always make reference to the guidelines of Section 25. Each case presented to the court is ultimately adjudicated on its own merits and the needs of any dependant children will always be the court’s main priority”.