Q: How to splitting the car with my ex-girlfriend
The car was bought for 45,000, with her contributing 30,000 and me contributing 15,000. Now that we've broken up, I intend to sell the car. However, since the car was originally purchased primarily for her work needs and still requires its use, we decided that she would keep the car and sell it next year when she relocate.
According to the car dealership, the car is currently valued at approximately 25,000. We used the car equally during our time together, with a usage ratio of 50:50.
I suggest we divide the car's current value based on our initial investment proportions. Since I contributed one-third of the purchase price, I propose that I receive one-third of the current appraised value, which is approximately 8,333.
She suggested that the car has depreciated by 20,000 (from 45,000 to 25,000). She believes we should share this depreciation loss equally since we used the car equally, meaning each of us bears a 10,000 loss. Based on this, she proposes to pay me 5,000.
A:
Since there is no written agreement between you and your ex as to its current value, percentage ownership interests, usage, and what is to take place with the vehicle in the event you and your ex break up, you are in a grey area - since there is no right or wrong answer to your question.
The one thing that I can say is that I have no idea how or why your ex is focused on the depreciation value of the vehicle - that argument makes no sense to me and seems to be irrelevant to how the 2 of you divide up its current equity value.
I am guessing that title is in both names and im guessing that there is no loan outstanding against it.
If you wait until next year to sell it (when she decides to relocate), its value will be significantly less than its value today and it will be tougher to get her to give you the amount of money sought for it.
My suggestion is that you and she sit down and agree as to your respective ownership interest in it and agree that she will will pay you the sum of XXX, in monthly installments of YYYY starting CCCCC and that you have the right to place a lien against the title to the vehicle to secure your ownership interest in it and that the balance of the loan must be paid by BBBB and if not paid by that date, it is to be sold and from the sale proceeds, the remainder of the money owed to you paid off.
I would also put in a provision for fees if you need to take legal action to collect your money
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