Vehicles of all kinds acquired during the marriage will be treated as marital property.
Vehicles acquired by one spouse but which the other spouse helps maintain or improve (such as helping restore a classic car) during the marriage can constitute marital property also.
There are various classifications of vehicles. We use the term “personal vehicles” to describe the vehicle you use for your own personal transportation. The car or motorcycle, for example, that you or your spouse used to get to work, to stores and shopping, etc.
As you will learn, if you haven’t already figured out in the course of filling out our forms, there is more to dealing with personal vehicles in divorce than simply identifying the vehicle.
You and your spouse will need to identify the vehicle to make it’s identity clear (model year, model, make, perhaps the VIN number).
You and your spouse may need to determine the present value of your vehicles to help you determine how to divide the overall value of your marital estate between you.
If the vehicle is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and perhaps the amount of the monthly loan payment.