If a car loan is incurred during separation but before divorce is final, is the car community property?
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If a car loan is incurred during separation but before divorce is final, is the car community property?
I am going through divorce which has been filed but is not yet final. I have an opportunity to buy a car from a friend at a really great price and can qualify for a bank loan for the purchase. If I get the loan and buy the car before the divorce is final, can my spouse claim it as community property? And, if it is deemed community property, will the debt be equally divided or does the debt belong solely to me?
Asked on May 1, 2012 under Family Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The general rule sis that assets acquired after you file for divorce are not marital assets. Do you have an agreement in place yet dividing your marital assets? Read it. It should address this issue and if it does not then I would seek legal help asap about it. Good luck.
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