If the car title and loan is in both of our names but neither of us can get it financed in our names, what do we do with the car?
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If the car title and loan is in both of our names but neither of us can get it financed in our names, what do we do with the car?
Asked on December 23, 2015 under Family Law, Ohio
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
In a divorce action, the car can still be awarded to one spouse, who will then be responsible for making the payments on the car note. A provision can be included in the final decree that if one spouse defaults, that the other has the right to cure the default and take possession. A decree can also give the parties extra time to refinance: six months, one year, or two years... just depending on what the parties agree to.
If neither pary can afford the vehicle, then the spouses need to make some decisions. They need to either surrender the vehicle or take measures to protect the asset... like filing for bankruptcy. Bankruptcy can be one spouse or both spouses.
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