Legal Question in Family Law in Virginia
car loan and divorce
I just found out my husband recently committed adultery and plan to go for a divorce on those grounds. I don't have a lawyer yet (plan to talk to one soon) but have a question about his car. He had bad credit so I took out a car loan for him. The balance on the loan is over $12k. How would that be treated in a divorce?
1 Answer from Attorneys
Re: car loan and divorce
If the matter were to be resolved under equitable distribution rules(having the court decide), the loan would likely be adjudicated as your husband's responsibility in the division of assets and debts, less a minor adjustment for any benefit from the vehicle which you may have received--if any such occurred.
Normally, these kinds of issues are dealt with
in a Property Settlement Agreement (PSA) where the parties agree (among other things) on the division of marital assets and liabilities and which is then filed with the court prior to the entry of the final decree. The filing of such a PSA with the court then obviates the need for the equitable distribution remedy mentioned above.
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