Vehicle with JTW -spouse not on title

I bought a vehicle which my mom is also on the loan for. She is listed as “Borrower 1” and I am listed as “borrower 2”. Our NC title and registration has my moms name followed by JTW and then mine followed by JTW. My question is, does my wife have a stake in the vehicle or is it just a portion of the value? So if the property belongs to my mom 50% and myself 50%. Does my spouse have the right to go after half of my 50% or all of it??!

Under this scenario, your wife would have a 25% interest in the value of the vehicle assuming the vehicle was purchased during the marriage (one-half of your 50% interest). There could be arguments that the entire value of the vehicle is marital property if the vehicle was purchased with marital funds and the loan has been paid exclusively with funds earned during the marriage and your mother has not contributed financially to the vehicle or the loan and was merely acting as a co-signer.

Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

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