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New Car

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Lexi01 View Drop Down
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Joined: 25/September/2017
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  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Topic: New Car
    Posted: 01/December/2017 at 19:24
Hi. My partner and i are going through a separation. They have a lawyer and i don't. They've put a few proposals forward that I've rejected. But i think we're getting close. 

My issue is my car is stuffed. What are the impacts of me trading in my current car for a new one prior to the finalization of the financial settlement?



Edited by Lexi01 - 01/December/2017 at 20:11

citizen-joe View Drop Down
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  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2017 at 20:46
It may save some jumping through hoops if you can hold off till the property settlement is finalised.

Lexi01 View Drop Down
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  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Posted: 01/December/2017 at 22:49
The car has done 130000km and is starting to do some pretty dodgy things. What hoops are you referring to?

citizen-joe View Drop Down
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  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2017 at 00:46
The value of the new car as opposed to the value of the old car, in your declared assets for the property settlement. Yes I'm aware that you will probably be paying it off, but this adds a level of complexity to the property settlement that isn't there if you just sit on the old car till the property settlement is finished.

You did ask, I answered, if you don't want to take any notice, that is your prerogative.

Lexi01 View Drop Down
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  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2017 at 07:03
Geez mate. I was just after some clarification on what you meant by "hoops". No need to get snappy.

Time101 View Drop Down
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  Quote Time101 Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2017 at 13:30
Hi.
Do u think he would want your new car. Put in the proposal that he doesn't touch your car and give him some $$ to that difference in value.

Get a loan out. If he asked give him a statement on how much u bought it for and how much your loan is on it. Hmmm ... once he find out how much I bet he will leg you have it.

Have a mate that just bought a $25000 new car it's in his assets but he keeps the car. She didn't want any of that money because it's under finance.

Declare it in the assets.
Easy and simple.

Lexi01 View Drop Down
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  Quote Lexi01 Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2017 at 14:39
Yep - that's what I was thinking...currently the value of my car is $19,000 on the asset list. The new car is worth $42,500. If I trade the current car in for $19,000 and get a loan for the remainder I'm guessing there's no impact on the balance sheet...right?

I mean I have an asset of $19,000 at the moment and when I get the new car I'll have a car worth 42500 and a loan of $23,500...so the net affect is the same...

I just wasn't sure if there was any rules/laws saying you can't make any major purchases during settlement..

Thanks for your response.

jaazzz View Drop Down
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  Quote jaazzz Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2017 at 23:10

If the vehicle was acquired during the course of your relationship then generally it will be regarded as a joint asset..

All well & good if you have the other parties agreement on it's disposal & acquisition of a new vehicle & any subsequent adjustments to agreements about figures, but I would caution you not to act unilaterally... The end result could be unnecessarily complex as the other party may claim an interest in the new vehicle by virtue of having a legal financial interest in the trade in...

If no agreement is likely beforehand, then I agree with the suggestion by citizen Joe that you consider holding off till after settlement is stamped by court

Any opinion given should not be accepted as legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks

Time101 View Drop Down
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  Quote Time101 Quote  Post ReplyReply Direct Link To This Post Posted: 03/December/2017 at 04:55
If he gets nasty ... tell him he can be responsible for half the car loan.

Bet he will say... I don't want it

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