Q: co-owned vehicle in a divorce in NY State
I own a car with my wife that is fairly new, it is worth ~$23,000 and the loan remaining is $13,000. she wants to keep the car, and I am OK with that but want my name off of both the title and bank loan and I want to her to buy me out for the difference owed and worth divided in half ($5,000). 1) What is the best way to get this accomplished in a divorce settlement? 2) Also, since she is currently driving the car while we negotiate the divorce, she is responsible for the loan payments per the judge, but she has already missed a payment, what can I do about this?
A: The only way your name will come off the bank loan is if your ex to be takes out a new loan in her name alone or the current bank agrees to it (which is unlikely). As for the missed payment, you can make the payment and claim reimbursement for it as part of your settlement (as it affects your credit also at this time). If there are further missed payments you can bring on a contempt application for failing to follow the judge's order. Everything should be spelled out in your divorce agreement.
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