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What would a judge do given this scenerio?
We have 3 vehicles. One is a motorcycle, in his name, no leans, black book $8500.
The second is a 12 year old truck, in my name, no leans, black book $1500.
The third is a "new" used four-year-old cross-over we purchased last year. The vehicle is in both names. The loan is joint and the balance is $25,000. The black book price is $18,000.
We own a home with about $100,000 equity.
He wants the motorcycle and would take over ownership of the truck. I would like to have the cross-over, but the payments are too high for me. He doesn't want it or the payments.
When the house sells, does the loan get paid out and I do an equalization payment of $4000 to him?
No matter what, I think the joint loan has to be paid out with joint equity. Right?
We have 3 vehicles. One is a motorcycle, in his name, no leans, black book $8500.
The second is a 12 year old truck, in my name, no leans, black book $1500.
The third is a "new" used four-year-old cross-over we purchased last year. The vehicle is in both names. The loan is joint and the balance is $25,000. The black book price is $18,000.
We own a home with about $100,000 equity.
He wants the motorcycle and would take over ownership of the truck. I would like to have the cross-over, but the payments are too high for me. He doesn't want it or the payments.
When the house sells, does the loan get paid out and I do an equalization payment of $4000 to him?
No matter what, I think the joint loan has to be paid out with joint equity. Right?