In an Arizona divorce, the law requires that property acquired during the marriage is to be divided equitably.
If the only property you own is one car, there are several options:
1. The parties agree on which spouse takes it and whether the spouse taking possession owes any money to the other spouse.
2. If the Court is asked to decide, the Court will consider a number of things, including:
a. the value of the vehicle based on evidence provided by the spouses.
b. if any money is owed on the vehicle
c. who's name is on the vehicle and the loan
d. who primarily uses the vehicle
e. other relevant information.
The Judge then needs to equitably "divide" the asset: The Judge may award the vehicle and loan to one spouse, but order an equalization payment for one half of the value be paid to the second spouse.
This is a general answer and is fact sensitive. A consult with an attorney is advised.
Answered on Dec 28th, 2015 at 9:13 AM