Do I have to refinance car after divorce?
Table of Contents
Do I have to refinance car after divorce?
Refinancing is the only way to remove a co-borrower from an auto loan. However, if you want to get your name off the car loan, your ex needs to qualify for refinancing and prove they can afford the payment on their own.
How are car loans handled in divorce?
When going through a divorce, some states may award you funds to pay off the remaining amount of your auto loan. Review your divorce decree to see if it contains a Hold Harmless Clause. This is when the law requires you to hold your former spouse harmless on any remaining joint vehicle debt.
Can I refinance during a divorce?
Refinance. Another way to split the mortgage between a divorcing couple is to refinance the mortgage under the name of one spouse. Since divorces are costly enough as it is, it may not be in your best interest to spend even more money on refinancing.
Should I refinance home before divorce?
Starting the refinance process before the divorce is filed is by far the quickest and easiest path. This is because, when you talk to your mortgage lender about refinancing, they will ask you your marital status.
