Is my car considered a marital asset subject to distribution?

mens divorce lawyerQuestion:

My car is financed under my mother’s name, but I have been the one paying for it for two years. My wife has recently taken over the payments of the note due to my unemployment and lack of income.

In our divorce, would the truck be considered separate property or marital property since my wife has made some payments?

Answer:

Your question stated that your truck is financed in your mother’s name but did not mention if title was also in her name. If the vehicle is titled in your mother’s name, it would likely be considered separate property and not be subject to equitable distribution during your dissolution of marriage.

Your wife may have a claim for equitable distribution of the payments she has been making in the past four months, but she would not be entitled to the value of the truck.

However, if the truck is titled in your name, despite being financed under your mother’s name, it would be considered a marital asset to be equitably divided in the divorce. Your wife would then be entitled to a portion of the value of the truck and obligated to pay a portion of what is owed to your mother for the financing.

You should also contact a domestic litigation attorney licensed in your area. Cordell & Cordell has attorneys who are licensed and located in Texas who would be happy to discuss your case with you.

 

Alison K. Morriss is a Staff Attorney in the Tampa, Florida office of Cordell & Cordell, where she practices domestic relations exclusively. Ms. Morriss is licensed to practice law in the state of Florida. Ms. Morriss received her Bachelor of Arts in Religious Studies, History and Business Administration from Stetson University. She continued her education and received her Juris Doctor from Stetson University College of Law, and her Master of Business Administration from Stetson University School of Business.

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