Legal Question in Family Law in Missouri
Division of assets
I have been divorced for a year now. My ex wanted possession of a vehicle and the court awarded that to her, but we still owed money on it. after getting divorced she tells me that she can't afford it. I paid for the vehicle for a year after the divorce, with no obligation ordered to me by the court. What can I do? Can I let the vehicle go back to the creditor as a repossession and buy it back from the creditor once both of our names are off the title?
1 Answer from Attorneys
Re: Division of assets
If your name is on the car note, it is still there, despite what the judge in the divorce actions said. Therefore, you owe the money to the holder of the note.
There is a flaw in yoru planning. Let's say you and your wife owe $5k on the car. You let it get repoed. They then sell the car to you for $3k at auction. They then can sue you for the remaining $2k plus the attorney, repossession and selling costs, plus interest. That could tack on another $1-2k. You end up paying $7k for the $5k you owed, and have the same car you would if you hadn't paid it off.
If your name is not already on teh car note, you may be able to purchase the car from the lender, if you cna find out when and where the sale is to take place.
Good Luck
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