Three Things to Consider While Dividing Vehicles During an Illinois Divorce

 Posted on April 17,2020 in Division of Assets

Like many Americans, your vehicle is probably one of the most important and valuable things that you own. In today’s world, many families have multiple vehicles to get them from one place to another. In the event of a divorce, deciding who gets the vehicles can often be straightforward, but there are certain issues that should be addressed before the final decision is made. Consider these things when making decisions about how to divide your vehicles in a divorce:

• Is the vehicle separate or marital property? The first thing that you should consider when dividing your vehicles is whether the vehicles are marital or nonmarital property. If you purchased the vehicle before you were married, then it is considered nonmarital property and you keep the vehicle. If you purchased the vehicle while you were married, then the vehicle must be allocated to one of you.
• What is the market value of the vehicle? When dividing your property, it can be useful to know the monetary value of your assets. When it comes to vehicles, one vehicle might be worth more than another because of the age or features of the vehicle. This can be used as a bargaining chip for other assets to make up the difference between the two.
• Do you still owe money for the vehicle? Another consideration is whether or not you and your spouse are still paying on a loan for the vehicle. If you and your spouse cosigned on an auto loan, you are both legally responsible for paying off that loan. It is generally agreed that the spouse who keeps the vehicle is the spouse to continue paying for the vehicle.
• Who gets the vehicles? Determining who gets what vehicle can be a straightforward process if you and your spouse each have your own vehicles. If you have more than one vehicle, you can award the vehicles by value or you can come to another agreement with your spouse.

Our Skilled Elmhurst, IL Property Division Lawyers Can Help

If you are going through a divorce, you may be wondering how you should divide your marital property. This can be a long and tedious process, with vehicles just being one facet. At Weiss-Kunz & Oliver, LLC, we are here to help you fight for your rightful portion of your marital estate. Call our knowledgeable DuPage County property division attorneys today at 312-605-4041 to schedule a consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/#6db906ac2b66