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How are cars divided during divorce in Arizona?
My ex and I purchased a vehicle together during our marriage, but the title is in my name since I had better credit at the time. Who will get it during the divorce?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Arizona is a community property state, which means that all assets accumulated during a marriage (including a car), are to be divided equally during a divorce.
That means if you have, let’s say, $10,000 of equity in the vehicle, you’ll be entitled to $5,000 of it. If there is no equity in the car (if the loan is more than the car’s worth), it may not be considered an asset at all, but rather a debt. Debts are also parcelled equally during a divorce.
If you and your ex are amicable, it might be easier to determine ownership before the court hearing. It’s also a lot easier to divide assets than debt. If either your or your ex’s finances allow, paying off the loan could simplify the division of assets and debts. One thing to keep in mind, though, is that some lenders charge
prepayment penalties
. I don’t want to add yet another thing to think about during the divorce process (I know you already have so much to do), but if you haven’t divided insurance policies, you should begin looking into that. You’ll likely want to get your own policy as a result of the divorce, and
Jerry
is here to help. Jerry is a free online comparison tool that shops for the best deals and delivers them to your phone in minutes.”View full answer
- Gregory R.
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