To: Logicvelocity or Lindsay
Hope you could give me some advice.
I have two questions about Net Family Property and want to make sure that I fill out my NFP correctly as I will be filing an amended NFP:
Background: My Ex has vehicle 1 that has a lien. There was a trailer that goes with that lien. On valuation day, my ex took vehicle 1 and left the trailer. I am the primary on the loan for the vehicle and trailer. Eight days after ex left I contacted her and asked her to assume the vehicle loan as I was unable to carry on the payments.She collected the trailer and is in possession of both vehicles now. To this day I remain on the loan. Ex has paid the monthly payments for the loan although I remain on as the primary, she is on the loan as a secondary. Her lawyer split the trailer in half(me 50%/her 50% and placed red book value on vehicle 1, but took credit for all the liability.
Applicant 50% of trailer asset
100% of vehicle asset
100% of total loan liability
Respondent 50% of trailer asset
0% of loan liability
Question:How should these items be listed asset/liability. On my NFP I put Asset with liability for valuation day.
Second Question
Vehicle 2 is a lease in my exes name with me as secondary, but I have been driving it and making all the payments. The contract was for another three years after valuation day, with a total liability of say 11,000. remaining on the contract. Can I add the liability of the remainder of the lease on my side of the ledger or just the monthly payments on my expense chart.
Question: can I list the remainder of the lease as a liability and do I have to show a value for the vehicle? I’m not really sure how to do this.
Please help.
Hope you could give me some advice.
I have two questions about Net Family Property and want to make sure that I fill out my NFP correctly as I will be filing an amended NFP:
Background: My Ex has vehicle 1 that has a lien. There was a trailer that goes with that lien. On valuation day, my ex took vehicle 1 and left the trailer. I am the primary on the loan for the vehicle and trailer. Eight days after ex left I contacted her and asked her to assume the vehicle loan as I was unable to carry on the payments.She collected the trailer and is in possession of both vehicles now. To this day I remain on the loan. Ex has paid the monthly payments for the loan although I remain on as the primary, she is on the loan as a secondary. Her lawyer split the trailer in half(me 50%/her 50% and placed red book value on vehicle 1, but took credit for all the liability.
Applicant 50% of trailer asset
100% of vehicle asset
100% of total loan liability
Respondent 50% of trailer asset
0% of loan liability
Question:How should these items be listed asset/liability. On my NFP I put Asset with liability for valuation day.
Second Question
Vehicle 2 is a lease in my exes name with me as secondary, but I have been driving it and making all the payments. The contract was for another three years after valuation day, with a total liability of say 11,000. remaining on the contract. Can I add the liability of the remainder of the lease on my side of the ledger or just the monthly payments on my expense chart.
Question: can I list the remainder of the lease as a liability and do I have to show a value for the vehicle? I’m not really sure how to do this.
Please help.
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