Division of Marital Estate, Pre-Owned Home and Cars
My question involves a marriage in the state of:PA
I am just wondering what rights I have to our marital home. It was bought before we were married, although I have lived there since day one, his credit was better as I was only 19 years old. It has been 9 years later, and I am understanding that I am entitled to only half o fthe equity that is in the home. And he told his lawyer it isnt worth more than the day we bought it. So I need to have it appraised!
Second, we have two vehicles.. one was just paid off, the truck he owns, but both names are on both cars. I still have a 8k loan on mine as we bought it the year after his. His lawyer wants us to just take our sep vehicles away from the divorce. BUt he is under suspernsion of a dui. And my vehicle needs a transmission and I am the one who has the kids everyday in it! I do want to find out since it is still in my name what would happen if I just swap cars with him, as mine isnt working and he doesnt have a valid dl anyways. ugh there is so much in this divorce case, that these two ?'s are just a portion of it! =( any help would be wonderful though.
Re: Division of Marital Estate, Pre-Owned Home and Cars
If there is no equity in the marital home, there is no equity in the marital home to be divided. Even if the value of the home has not grown, if you have both been making payments on the home and have not borrowed against it during the marriage, there should be at least some equity.
If you and he agree that you will take the truck and he will take the car (and assume sole responsibility for the loan), nothing is stopping you from entering into such an agreement. Presumably, though, you wouldn't want your post-divorce credit to turn on whether or not he's making payments., so consider how the loan might be paid off from the marital estate.
Re: Division of Marital Estate, Pre-Owned Home and Cars
Well we did decide he would take his and I would take mine. What rights do I have to his vehicle at this point we are sep. a year and divorce pending. But I have no working car and I need something. What would happen if I just took his truck?? my name is on the title and the insurance.
Re: Division of Marital Estate, Pre-Owned Home and Cars
I see from what you have said that what I am going to say doesn't apply to you anymore, but wanted to say it anyway in case it helps anyone else.
When I was divorced, the court gave me my car, and him his truck, and he was given 6 months to refinance the vehicle since both names were on the loan. The bank wouldn't just take my name off the loan, and he didn't refinance. (My only recourse was to go after him for contempt of court, and when I did that in another matter, it turned out to be a big pain, at my expense.)
Eventually, he totalled the truck and had no insurance on it at the time, quit making payments, and then hid the truck from me. The bank came after me, since they could find me. I was fortunate, as he eventually confessed the location, I had it repo'd, and the bank called it even when all was said and done.
But, for a while, I was living in fear of the bank's legitimate right to come after me for the 8K loan. Even though he was responsible for it, I was the law abiding citizen who wasn't playing games, and hence, the more vulnerable party.