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What happens to a car loan during a divorce in California?
My wife and I took out a loan on a Subaru several years ago before we decided to split up. There's still about $20,000 to pay off. We've decided that she can keep the car, but my name is still on the loan. Is there any way to remove my or am I stuck with it?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your only option to remove your name from the loan is to have your ex-wife refinance it in her name. Keep in mind she will have to go through the loan application process and qualify on her own.
From the lender’s perspective, if both of your names are on the loan, you’re equally responsible for the debt, even if a divorce decree says otherwise.
California is a community property state, which means that unless both parties decide otherwise, your community property (including your debt) accumulated during your marriage will be split 50/50 during a divorce.
While it adds another thing on your plate (I know you already have so much to do), if you haven’t divided insurance policies, you should begin looking into that. You’ll likely want to get your own policy as a result of the divorce, and
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