cancel
Showing results for 
Search instead for 
Did you mean: 

[TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Established Member

[TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Original purchase price was 16k in 2015 during our marriage.Loan in my name only. Remaining balance is 11k. No equity. Spouse had paid 5k towards it and since Texas is a community property state I think legally I have to cover half of those payments at the divorce so I would need to buy the spouse out/reimburse an amount of around 2500$. No kids, no house, no other large assets married around about 2 years. Is this correct?


Starting Score: 1/9/13 579EQ 550EX 560TU
Current Score: 1/9/13 579EQ 550EX 560TU
Goal Score: 650


Take the myFICO Fitness Challenge

Message 1 of 8
7 REPLIES
Established Member

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Could I get a little help here? Really in a bind. Sh does not want to car. It has a loan of 11k left on it. Loan is in my name only, not cosigned. thanks!


Starting Score: 1/9/13 579EQ 550EX 560TU
Current Score: 1/9/13 579EQ 550EX 560TU
Goal Score: 650


Take the myFICO Fitness Challenge

Message 2 of 8
Established Contributor

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Sorry that I don't know the answer for you.  But I thought someone should reply to you...

 

M advice is to ask an attorney in TX.  They might be able to shed some light on how to dissolve your assets and split liabilities.

Goal: 700's by 11/1/2015 (all baddies will be gone)



Message 3 of 8
Established Member

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Thanks

Starting Score: 1/9/13 579EQ 550EX 560TU
Current Score: 1/9/13 579EQ 550EX 560TU
Goal Score: 650


Take the myFICO Fitness Challenge

Message 4 of 8
Valued Contributor

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Yes, I'd say the same. Get some legal advice. These things are hard to tell, especially when different states handle things their own way. I wish I had more for you, but I certainly do not want to give you a guessed answer.
Message 5 of 8
Established Member

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

thanks


Starting Score: 1/9/13 579EQ 550EX 560TU
Current Score: 1/9/13 579EQ 550EX 560TU
Goal Score: 650


Take the myFICO Fitness Challenge

Message 6 of 8
New Contributor

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Texas is a community property state which means that everything is split roughly equally from the items. This is a rarity in the states. I recommend talking to a Texas lawyer to handle this. In my opinion one of two items will be done. Either you owe her 2500 in credit of your claims, half the debt after the car is sold, or she will owe you 5500  since the 5000 dollars in payments were from joint funds durring the marrage.

TU:760 07/08/17 Synchrony--EX: 747 08/03/17 Discover--EQ:756 06/27/16 Citi--Gardening since 08/01/17
Active:
Bank of America Bankamericard (Better Balance Rewards MC, Cash Rewards VS), Blispay V, Capital One Quicksilver VS, Chase(AARP VS, Amazon Prime VS), Citi Double Cash WMC, Citizens GreenSense MC, Discover It, FedEx Employee Credit Association V, Paypal Credit, US Bank Cash+, Walmart MC
Wishlist: Chase Freedom, Citi Dividend, EBates, Marvel, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 7 of 8
Highlighted
Established Member

Re: [TX]Divorce from spouse, how to divided car that has loan on it. Spouse paid all 5k of payments.

Divorce became uncontested and used lawyer mainly for paperwork. Lawyer advised that I didnt' have to compensate for car because she basicly paid for the use of the vehicle and I was going to take a loss during the trade/sell(which I did).


Starting Score: 1/9/13 579EQ 550EX 560TU
Current Score: 1/9/13 579EQ 550EX 560TU
Goal Score: 650


Take the myFICO Fitness Challenge

Message 8 of 8