Monday 10 February 2014

Increase In Divorces As Housing Market Recovers – But Who Gets the Car?

Divorce can end a man’s love affair with his car. The search for a new car begins at the same time as the quest for a new life.

Love May Not Last
Who Gets The Car?  

2014 has seen a 4.9% increase in divorce rates.  Lawyers and research companies have put this down to recovering house prices making it easier to divide the equity in a family home., the UK’s biggest car review website, finds the decision on the family car - most couple’s second biggest asset – is often more emotionally charged than the house, the photographs and even who gets to keep the dog.
“We are seeing increasing number of comments from divorcees who mourn the loss of their car more than the loss of their love,” says a spokesman.
Often couples, who were happy to have joint ownership of a car, find that they are faced with selling when marriage breaks down, often at a loss.

Who Actually Owns The Car?

As many cars are financed, the arrangements covering title and responsibility can often be difficult to reconcile with legal documents signed in happier times. Also, the car would have depreciated and often there will not be any equity in the car to share.
'On Your Bike' - I'm Having the Car
Increasing evidence found on the car review site often sees drivers trading down to smaller, cheaper cars. Where children are involved, the wife can have a stronger case to keep the family car so more men may have to find another car after divorce.
Couples have a number of decisions to make regarding who has responsibility both legally and morally. Often one party may have legal ownership even though the other may have assumed it was ‘their’ car and they may have paid for it. A number of car buying companies are used to give a quick financial solution but they will insist on the finance being settled before any payment is made.
Now that many couples live together, separation without an official divorce and financial settlement may make arguments harder to settle as far as the car is concerned.  In many cases, longer term couples will have acquired the car with a view to sharing and little or nothing is written down as to ownership.  
Many couples will have a car each but this can confuse matters more. In a fair and equitable divorce, all assets are divided. This ignores who actually owns the car legally according to government records and who drove which car.

Separating Couples Declare War On Each Other - And The Car

During a separation, it is well documented that both parties, charged by unrestrained emotions, can seek to damage or hide their assets just to prevent the other party from having them.  Cars can be readily damaged and a number of high profile divorces document the willing destruction of 'his' or 'her' cars.  With civil ceremony's on the rise, it could also be 'her' and 'her' or 'him' and 'him'.

Loss of a Status Symbol - Start of a New Identity spokesman commented, “Divorce can be devastating or even a relief. Often the car someone drives is seen as ‘theirs’ and represents freedom, identity and often status. According to the law none of this matters and losing a car can be one of the most visible signs of a person’s perceived failure in their marriage and a substantial knock to their pride.”
Once a divorce has been finalised, commentators have also noticed that more cars are likely to be sold in an effort by both parties to 'move on' and start a new life. Often a new car helps people leave their past behind and is a vital building block in the new life ahead of them.

1 comment:

  1. So people wait until it is financially viable to divorce? well you learn something every day.
    When i divorced we just did it, we didn't worry so much about the money, although i did do it tough after.
    I did it tough to warn others i made a website,
    check it out if you have time.

    Thanks, great post btw.