• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Forced to sell car?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

moo2

Junior Member
What is the name of your state (only U.S. law)? Florida
My wife and I are currently filling out all the divorce paperwork, and trying to come to agreements on all the property. The final sticking point seems to be our car. Here's teh situation:

A couple of years ago, we refiled several years worth of income taxes and received a large refund. We used the refund to purchase a car outright. There is no loan, and we own the car free and clear. The title is in both of our names.

Now, my wife wants to sell the car and take half of the money, since her share of the income tax refund was used to purchase the car. I am the primary driver of the car, since her job provides her with a car to use. It is the only car we own, and I have no other way to get to work.

My question is, considering that she is provided use of another car by her work, and I am not, using this car as my only mode of transport, can she or the court force us to sell the car and split the proceeds? Obviously if I have to purchase another car for half of the price, my choices will be severely limited.

Any thoughts are apprecieted.
 


mistoffolees

Senior Member
You have two options:

1. Sell the car and split the proceeds
or
2. Give her cash (or other property) equal to half the value of the car and you keep the car.

She's not being unreasonable in asking for her half.
 

LdiJ

Senior Member
You have two options:

1. Sell the car and split the proceeds
or
2. Give her cash (or other property) equal to half the value of the car and you keep the car.

She's not being unreasonable in asking for her half.
There is a third option. He can get a loan against the car for 1/2 of its blue book value, to pay her off.
 

LdiJ

Senior Member
I just figured Ld was repeating choice 2 but making it a third choice. So I was quite confused.
Choice two didn't mention the option of financing the car to obtain the cash. That is what I was trying to point out. Some people don't realize that you can get a loan against a car, after it is already paid off.
 

moo2

Junior Member
Thanks for your thoughts, everyone.

I kinda figured that was the case, but wanted to ask those who are more knowledeable than I.

You are right, I did not realize that it was possible to take out a loan on a car that's already paid off. I can't say that I would go for that option. I will prolly just sell the car at a loss, and give her half, and buy a junker...I guess that's one of the unfotunate consequences of this whole mess.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top