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?
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!
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.
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.
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).