Legal Question in Family Law in Rhode Island

Re: Loan

First of all if you are in the process of a divorce then you should have an attorney and you should be asking he/she this question because the RV is a marital asset. Any, surrender or sale of a marital asset is controlled by the family court and should be dealt with by the respective lawyers. The lawyers who are representing you in the divorce are in the best position to determine what will happen to marital assets. Any information given here should be discussed with your lawyer BEFORE doing anything. Generically speaking if anything less than full repayment is made on the RV loan it will result in a debt for the shortfall after surrender/repossession. The debt must be dealt with in the divorce and a determination as to who will be responsible for it. You should also try to determine the approximate amount that the debt will be by subtracting fair market value (FMV) from the outstanding balance of the note. Remember if you surrender the RV or it is repossessed then it will be auctioned off at considerably less than FMV. Therefore a sale at a reduced price may be your best solution