FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
My wife was married before we were in the state of Florida. That is also where they divorced. As part of the divorce agreement, he kept the house, the pets, and his truck. All she received was her car and a painting of no value. Also as part of the divorce agreement, he was to pay the mortgage, his truck, the past due vet bills and a couple of other bills, and she would pay her car. She has paid her car every month on time and has not missed a payment, putting a good mark on his credit. He on the other hand has lost the truck, the house went into foreclosure, and none of the bills were paid, as all the bill were in both of their names, it has hurt her credit, and we are not able to buy a house. She is selling her car, paying off the balance, and will make a profit on the car. Because his name is still on the loan, he has to sign to agree to sell the car. He said he wants half of the profit in order to agree to the sale. Does he have a right to the profit since the court gave my wife the car, and he has ruined her credit? If we get to cash the check for the profit, do we have to give him half? Is there a way to go after him for failing to do what he agreed to, which has an impact on our life? Thank you very much for any help!Answer:
If the Court granted your wife the car (is it in a written Court Order?), the title to the car should have passed to her alone. The fact that her Ex is still liable on the loan does not give him an equity interest in the car.
From a practical point of view,however, I would suggest you pay off the loan by yourself, taking the Ex out of the picture entirely,and then sell the car and keep the proceeds. If the car is hers, the proceeds of the sale are hers.
Leonard M. Weiner, Esq./Divorce Solutions