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IL family lawyerLike 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.

 

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4Getting a divorce can be one of the most difficult things you will have to do in your life. Not only will you have to deal with the emotional fallout from this major life change, but you also have a slew of financial and legal issues to reconcile. Some of these issues are things that you may already have on your radar, such as spousal support or how you will divide savings accounts. Other issues that need to be dealt with may not be as prominent, but important nonetheless. Have you thought about what you will do with your retirement accounts? Do you know if receiving or paying spousal support will be worth it come tax time? These are the questions that a financial advisor can help you with.

What Is the Role of a Financial Advisor?

Many people think that the only professional they need during a divorce is a lawyer. While it is important that you and your spouse each have your own attorneys, it does not hurt to hire a financial advisor too. A financial advisor’s job is to look at your financial situation and advise you of your options when it comes to finance-related decisions during your divorce. Much like an attorney gives you legal advice based on your situation, a financial advisor will give you your best financial options during your divorce.

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