question about splitting property

[michael_s_cott]

What is the name of your state (only U.S. law)?
texas

My wife and I are getting divorced and I had a few questions about what she is entitled to...

we have been married 9 months.
we live in an apartment.

There are just a few things that i care about as far as property goes.

1) my motorcycle ( had this before we got married ), which I am making payments on.

2) her car, she owns it, actually its in her grandfathers name but he bought it for her. She had this car before we got married.

3) my car, I bought it cash, its in my name, but I am making payments to my parents for it. Lawyer said to get a promissory note to state that the money they gave me for the car was a loan.


I am worried she will ask to sell the car and want half. But if she asks for that I will not have a car to drive and transport my child. Can this happen ?

She is jealous that I have a new car and she doesn't is what it comes down to. So like most people in divorces she is pissed off and making things difficult. Her car is just fine, its older but its just fine.

 

[justalayman]

what is the equity in your car? At most she would be entitled to half the equity, not half of the value.

 

[michael_s_cott]

response ...

Sorry, I am not sure what you are asking.

My parents bought it cash for 30,000 I am making monthly payments to my parents.

 

[justalayman]

the amount the car is worth minus what you owe is the equity. That is the only amount you consider when splitting assets. She has no claim to half of the value because you don't "own" the entire value of the car.

but like your lawyer said; get documentation proving you have a loan outstanding on the car. Without that, the equity and the full value become equal.

 

[mistoffolees]

Sorry, I am not sure what you are asking.

My parents bought it cash for 30,000 I am making monthly payments to my parents.

You said that you bought it for cash. Now your parents bought it. If you want useful advice, you need to provide accurate information.

How about telling the exact details:

- Whose name is the car in?
- Who paid for it?
- If you're making payments to your parents, is there a written note? If so, how much remains?
- When was the car purchased?
- What was the source of funds (if you were actually the one who paid for it)?