How Are Vehicles Divided in an Illinois Divorce?

 Posted on March 25,2021 in Asset Division

For many Americans, having a vehicle is extremely important and practically necessary to live everyday life. In the suburbs of Chicago and surrounding counties, many people rely on their vehicles to commute to and from work every day, making them a vital asset. However, as a physical and often valuable asset, vehicles can be subject to division during a divorce. This means you and your spouse will be tasked with the job of determining how your vehicles will be handled. Before you start the negotiation process, there are certain considerations you should make pertaining to your vehicles.

Are Your Vehicles Subject to Division?

Before you do anything, you should determine if your vehicles will even be included in your marital estate. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA,) only marital property, meaning that which was acquired during the marriage, is subject to division. If the vehicle was purchased prior to the marriage, it is likely not considered marital property and therefore not subject to division in your divorce.

Debt Still Owed on a Vehicle

When allocating vehicles in a divorce, many people can forget that some vehicles may still carry debt with them. In a divorce, not only do you have to allocate any shared property that you may own, but you must also allocate any shared debt that you have, which may include a vehicle loan. Typically, the spouse who is keeping the vehicle is responsible for paying the vehicle loan, but under some circumstances, the other spouse can be ordered to pay the loan.

Coming to a Fair Valuation

In any asset division situation, it is a good idea to gain an understanding of the market value of the asset in question. When it comes to vehicles, values can vary greatly depending on a variety of factors, such as make, model, age, and condition of the vehicle. If you and your spouse own more than one vehicle, there may be a difference in value between the two, which can affect the overall equitable distribution of property.

Contact Our Wheaton, IL Asset Division Lawyers

For many couples, the asset distribution process can be extremely difficult and contentious. When it comes to valuable items such as vehicles, tensions can be even higher, which is why it is important to have a knowledgeable DuPage County asset division attorney on your side. At the Goostree Law Group, our team has more than 80 years of combined legal experience that will be put to use to help you achieve the best outcome. To schedule a free consultation, call our office today at 630-364-4046.

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm