When a marriage ends, the question of which person receives each asset becomes a significant concern. Up for grabs are luxurious possessions like high-end cars.
Who retains ownership of a beloved vehicle can be a tricky matter. The answer depends on various factors.
Legal ownership
The decision begins with establishing ownership. If one spouse purchased the ride before the marriage, the court might label it as separate property. Under such circumstances, the buyer is more likely to win.
Equitable distribution
Divorce settlements often follow the principle of equitable distribution, which seeks to split marital property fairly. The financial contributions of each spouse during the marriage can play a significant role in reaching a determination.
Personal habits
The practical needs of both parties may also take on weight. For example, if one spouse relies on the vehicle for daily transportation, that might be a compelling argument for retaining possession.
Trade-offs
Negotiation is one way to reach a mutually agreeable resolution. One party could consider giving up the luxury wheels in exchange for other marital assets, such as property or investments.
Emotional attachment
While not a legal factor, personal connection with a car can influence the final result. It sometimes tips the balance if one side is more in love with the vehicle than the other. Unbelievably, 13% of Americans would prefer to break up with their partner over losing their automobile.
Spouses with a legal claim to an automobile should understand their options and the influences affecting where it ends up. Knowledge in this regard helps to ensure a fair and sensible outcome.
