By Jennifer M. Paine
Cordell & Cordell Divorce Lawyer
So your wife is keeping the family car that is leased or loaned in your name, huh?
Most guys in your position would worry that she will “forget” to make the car payment, or will not pay off the loan in time, or will wait to the last minute to do either and let your credit score take a hit in the meantime (out of spite or sheer enjoyment or otherwise).
What’s worse, if she is unable to assume liability for the lease or refinance the purchase loan, then even if your divorce judgment says she is responsible for the payments, the car creditor will come after you.
This is because the creditor is not bound to your divorce judgment and, frankly, does not care what your now ex-wife agreed to do with the payments. Instead, the creditor will take the payment from you, or even sue you for it, then force you to pursue your ex-wife for reimbursement.
What can you do to avoid this result if she cannot refinance? Consider these three options: