Cars are an important asset, and are often the subject of dispute in a divorce—whether the couple owns or leases one car or multiple cars. Because cars are property and often purchased or leased with marital assets (funds), they are subject to the court’s decisions on how to divide the property. If the parties to a divorce are not able to agree on the transfer of ownership (title) and responsibility for payment of any car loans and insurance, the judge or jury may make these decisions for the parties.
In Missouri, as in many states, cars are considered marital property if they were purchased or leased during the marriage with marital assets. During a divorce, if the couple cannot agree on how to divide their assets, including cars, the court will intervene to make a determination. Missouri follows the principle of equitable distribution, which means the court will divide marital property in a manner that is fair, though not necessarily equal. The court will consider various factors such as the economic circumstances of each spouse, the contributions of each spouse to the acquisition of the marital property, and the value of the property. The judge or jury will decide who gets ownership of each car, who is responsible for any outstanding loans, and who must pay for insurance. It's important to note that an equitable division is based on the specific circumstances of the case, and an attorney can provide guidance on what to expect and how to protect one's interests during the division of assets in a divorce.