HP car finance and divorce

Marc_3

Hi All

Maybe some of yous were in a similar situation.

During the divorce/legal separation both partners are entitled to all goods in the household possession, but how does the situation looks with a car purchased through HP? I bought it, I pay the monthly instalments, but I'm not the legal owner of the car until the final payment is fulfilled.

Normally on a car (no loan on it) my spouse would be entitled to some interest % (like 50% or so... each case is different), but in thus case if the HP is on me who has the right to the car?

Thanks in advance for all the feedback

Marc

Sgt. Bilko 09

If it’s a hp agreement technically the finance company own it. It’s who is paying them is the and who the agreement is with as they are they over purchaser of the car regardless of who’s name is on it…what’s my little understanding of it

Ezeoul

The loan may be in your name, but its still a marital asset and presumably the loan installments were paid out of family income.

Marc_3

My understanding is that any income, regardless is it is paid on my personal account or joint account is to be understood as family income, but, at the end of the day bank owns the car, so it cannot be split.