We have been separated for 2 months. I have one car in my name only and the other car is in both of our names (my name appears first). Both cars are financed – my car in my name only and the second car with my name first and his name second. He says he will continue to make the car payments on that second car, but knowing his past history with finances, I am concerned about that. I certainly can’t afford to make both car payments – I can barely afford to make the payments on the car that is in my name only.
What should I do during this time of separation regarding the second car?
Thanks!
You will need a separation agreement or equitable distribution court order clarifying the issue about the vehicles, among the other property. Your spouse will need to refinance the loan on the car that he drives, and you will need to execute title to him. A separation agreement or court order will require him to do so by a certain time, and it can also state that you are to have no liability for the vehicle or the auto loan prior to the time he refinances it and the title is changed. Otherwise, you will always be responsible for the loan on the vehicle.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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Thank you! That is exactly what I needed to find out!