Divorce question of the day: Can you keep your car after a divorce?
For wealthy people, the question of whether or not they can keep their car after a divorce probably won’t even come up unless we are talking about a collection of prized vintage cars that the divorcing person wants to keep out of the hands of the soon to be former spouse, and the judicial “auctioneers.”
The news for those folks is that if those cars were accumulated during marriage, and there’s no prenup, then no, you probably don’t get to keep them. It will be a part of the marital res and it will be divvied up between the two parties in the marriage, post-matrimony. In other words, you could conceivably keep the collection of cars you amassed during the marriage, yes, but you will have to offset it with other assets which you will have to relinquish to your spouse. That is, you may have to pay your spouse half the value of the cars, or give up something that has equivalent value of the 50% of the value of the prized cars, if that makes sense, in a divorce settlement.
That’s the rich folks. For the rest of us folks who just have the one or two cars in a family, can you keep your car? Usually, yes. If there are two cars I’ve usually seen folks keep their own car. If there’s a note on the car, you will be responsible for paying the note, usually, although there are times when one spouse could be ordered to pay the note for the other spouse, depending on the circumstances.
In some situations, the spouse may be ordered to provide the other spouse with a car, or cars, for the duration. Again, in money cases, a spouse may be ordered to provide his wife (or her husband) with a chauffeured car – sometimes for life. And better yet, the spouse would have to provide a NEW version of the car every year. I’ve heard of cases like that too.
When Russell Simmons divorced his brassy wife, Kimora Lee, I think I read that he provided her and his two girls with chauffeured cars which had to be updated ever so often to provide them with the latest models. And, of course, you can pretty much bet money that these weren’t Honda Civics we’re talking about.
Speaking of Honda Civics. I need to get a car. In New York I survived quite happily for 30 years without one. In remote Texas towns like where I am now, moving around on foot, and without a car, will get you branded as, at best, peculiar, or worse, criminally insane. People look at you funny! When you wait for a bus at the side of the road! It’s crazy! What shall I do??? Do these folks really need to have someone like me behind the wheel? Cause if they keep looking at me like that, I’m getting a MCLaren F1 Honda Civic. And whatever happens after that, they have only themselves to blame.
Or maybe I should get a vintage car. I’m more of a vintage person than a Honda Civic. Wonder how and where I can get one of those?