Getting Divorced in Florida? Your Guide to Handling Your Vehicles

According to data from Forbes Magazine, approximately 90 percent of U.S. households have at least one vehicle and 22 percent of households have three or more vehicles. If you are getting divorced in Florida, you are going to need to figure out what will happen to all of your property—including your vehicle(s). Here, our Largo property distribution lawyer provides an overview of the key points to keep in mind when managing vehicles as part of your divorce in Florida.

Background: Equitable Distribution of Vehicles 

Florida is an equitable distribution state (Florida Statutes § 61.075). A divorcing couple’s marital property will be divided in a “fair” manner in a divorce. What is fair is determined on a case-by-case basis. It could be a 50/50 split. Although, that is not mandated by law. Florida courts can divide property in an uneven manner if that is deemed to be more equitable. The equitable distribution standard applies to all property, including vehicles. Here is what you should know:

• If a vehicle is non-marital property, it will remain in the possession of the spouse that has title to the vehicle.
• If a vehicle is marital property, it will be subject to equitable distribution.

Note: A vehicle in Florida could be deemed marital property even if only one spouse has his or her name on the title.

Narrowly-Tailored Solutions Work Best When Dividing Cars in a Divorce 

When splitting up vehicles as part of a divorce in Florida, narrowly-tailored solutions always work best. Here are some key factors that should be considered:

• Value of Car(s): The current market value of each car plays a major role in property division. With this in mind, it is important to appraise each vehicle. The specific value will impact how the equitable distribution is applied. Notably, higher-valued cars may require additional balancing in the overall asset division to reach a fair outcome.
• Transportation Needs: Each party’s daily transportation needs matter. Some of the most notable factors include distance to work, responsibilities related to children, and access to public transport.
• Remaining Auto Loan: Nearly 80 percent of vehicles purchased in Florida are financed. If there is still outstanding loan on a vehicle, the liability must also be factored into the division. Debts are subject to equitable distribution in Florida as well. You need to determine how the loan payments will be handled going forward.
• Ownership-Related Expenses: The costs associated with owning a car—from insurance to maintenance to registration fees—should also be evaluated. These expenses might affect a party’s ability to afford a car post-divorce.

Of course, you do not want to divide vehicles in a vacuum. Splitting up cars in a divorce should be done with consideration to your other assets and liabilities.

 Contact Our Largo, FL Property Division Lawyer Today

At the Law Office of Gale H. Moore P.A., our Largo divorce attorney takes on the full range of property division matters. If you need more information about dividing vehicles in your divorce, we can help. Contact our family law team for a confidential case evaluation. From our law office in Largo, our firm handles complex property division matters in Pinellas County and across the area.

Source:

forbes.com/advisor/car-insurance/car-ownership-statistics/#:~:text=Most%20U.S.%20households%20(91.7%25),had%20three%20or%20more%20vehicles