Legal Question in Family Law in Washington
Property division
My husband and I are to dividing our possessions equally for our divorce. We have 2 cars, we will each keep one. Mine is paid off while his car is part of our previous home refinance. I will be assuming the mortgage payments. Is division of the cars a fair split? I feel we are each getting a car but I'm assuming his car loan which was rolled into the mortgage.
There is also a third car that I never wanted to purchase. My husband will take that car and the loan. Am I entitled to half the original downpayment on this car for an equal split?
1 Answer from Attorneys
Re: Property division
1. If his car was paid off with the bank loan, the equity in the home was reduced by that amount. Thus the equitable value of the home you get is worth less by that amount. (Remember, the value of the home to you is your equity in it, not the amount of the loan.) So when you are putting values in each column, he would put the value of the car in his column and you would put the equity in the home in your column. (If you can't agree on a value for the home, you should split the cost of an appraisal. Remember, the lower the value of the home the better for you in the division of all your possessions.)
2. As to the third car, same thing. The amount that goes in his column is the net value of the car; that is, the market value of the car less the amount still owing.
You need to determine the value of the items first and then separate them out to each of you so that you get an equal total.
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