Assets sharing when married in community of property
I want to divorce my wife and we are married in community of property and I wanted to get a vehicle finance. What is going to happen when I file for divorce and the vehicle is financed will the bank take it back it we will need to sell it pay the balance to the bank. What are my options
Hello. If you are married in community of property, it means you jointly and equally own your assets as a couple as well as your liabilities. In order to obtain a car finance you will need the consent of your wife. If finance is granted without her consent, the agreement is void, unless if she later consents. In such a case the balance of the debt will be both yours. Same with all assets. What will be divided on divorce will be the value of your assets minus all liabilities ( debts ). I suggest you get over with the divorce first. As mentioned the car finance house is obliged to first get the consent of your wife under the national credit act.