Q: Ex wife totaled car just finalized divorce a month ago.
My ex wife was driving a car from our divorce that I was required to still make payments on and keep insurance on, the car was not to be awarded to her until the loan was paid in full. She totaled the car. Who gets the equity out of the car after loan is paid or is it to be split. Loan is in my name only but insurance policy has us both on it. Thanks
A:
This can't be anwered without a complete review of the MDA or the Judge's order ( whichever occurred). From the way you word the question, it sounds like it would got to her ( after all, if the wreck had not occurred, she would then get the cat, and thus the equity in it). If I was the judge, it would make some difference if she caused the accident ( why should she profit from her inattention or carelessness?). However, its unclear form the information you provided, but just how sure are you that there will be any equity? If it was insured, the insurance company will pay something, but they are usually very stingy ( I've had cases where they wouldn't even pay the full amount of the outstanding loan!). Hopefully, you are not "upside down" and there is equity.
Again, however, the judge awarded her the car, and if the equity is all that is left of the car, your wife is likely to get that as well since she will need to acquire new transportation. Hope this helps.
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