If i co-sign a car loan for my girfriend, can my wife takethe carwhen we divorce?
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If i co-sign a car loan for my girfriend, can my wife takethe carwhen we divorce?
I want to cosign for my girlfriend a new car. I am in the process of filing for a divorce.
Asked on July 15, 2011 under Family Law, Mississippi
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Co-signing a loan does not give you an ownership interest in a vehicle--all it does is obligate you to pay if your girlfriend does not. Therefore, being a cosignor on a loan will not let your soon-to-be-ex wife take the car--just make sure you are NOT on the title or the registration, but are only a loan co-signor.
That said, there are good reasons to not do this:
1) It will look bad during the divorce: helping a girlfriend by a car while still married will reflect badly on you and can result in a worse outcome.
2) You don't know yet what your financial obligations will be from the divorce (e.g. alimony)--can you afford to possibly take on another loan?
3) You already know that sometimes, relationships don't work out. What will you do if you and your girlfriend break up and she decides to not pay on the car, sticking you with the loan?
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