Getting a divorce is a difficult phase in anyone’s life, as you often feel less inclined to talk to friends and family about it. More importantly, you will also have to split various assets with your spouse, which could leave you in a precarious financial situation. And if you happened to get a car during your marriage, it will likely be a part of the assets that you need to split with your ex-partner.
Even if one of the partners bought it with their money, it will still be part of other assets bought during the marriage. So if you happen to be going through a divorce as a car owner, here are a few things that you should know after a divorce.
Gather The Necessary Documents
First up, before calling your insurance agent, put together all the documents for your specific plan. These can include your car papers, insurance, or even a loan agreement.
If you are removing your ex-spouse from your insurance policy, then you will have to provide your divorce papers too, which can be done with the help of an experienced Denver divorce lawyer. Some companies swiftly transfer ownership after seeing the divorce decree.
Deal With The Insurance Policy You Have
As a car owner, you should consider various factors if you are moving through with a divorce. Even if you and your significant other have separate cars, they could be under the same insurance policy. Regardless of which car you take, you will still have to effectively deal with the insurance policy that you have.
But if you are sharing a car with your spouse, splitting the insurance policy might not be possible as only one person gets the car. There might also be a scenario where you might have to pay a car loan.
Call Your Insurance Agent
Your insurance agent can offer better guidance regarding insurance policies. Suppose you are planning to move out before or after the divorce. In that case, you need to know if you will still have to pay for the insurance plans, or can you now split it. Even if you have separate cars, taking one still means that you will have to change your relevant policy options.
Take The Necessary Steps today
If you are splitting up with your spouse, you need to better prepare for the necessary steps you need to take during your divorce. One of them is the ownership of your car.
To protect yourself from any future loss, collecting all the relevant documents and contacting your insurance agent for any alternate policy can save you from paying for a policy that you don’t need.