Can I buy a new vehicle while going through the divorce process?

randd

Hello,

I'm looking to buy a new EV vehicle and probably this may cost around £40-55K for the new vehicle. I'm not sure which option I'll choose - personal loan, PCP, Personal Contract Hire, but I can pay £5K-£10K as a deposit and get my monthly instalment to £500/600 for 4-5 years. I'm not looking to buy petrol or diesel as my next vehicle as by 2030, the sale will end anyway as per the govt policy.

But my main worry is that even though I'll be using my own savings from the full-time job and buy this vehicle while we are separated, will this vehicle be counted as a matrimonial asset at the time of financial settlement? 

Savvy_Sue

I am not an expert in this matter, but surely either you'll have a car, or you'll have some savings? So the matrimonial assets will be either a car worth £x but on a loan agreement of some kind, plus savings worth £Y-car deposit, or savings worth £Y.

If you don't trust your own solicitor, you need to find another, we can't give you any better advice than you'll get from someone who has asked you all the right questions, and who you are paying to give you 'proper' advice. 

Did all three solicitors have a full overview of your situation, or were the latter two just giving 'generic' / 'in some circumstances this would be the case' advice? 

T.T.D

What I think your solicitor 2 is saying is that a run around to get you by for now would be more suited in the circumstances or a fair cost repair of your own car, then when it's over you can do your upgrade to your EV (you'll also be more in tune with what finances you have to play with post-divorce) there's less hassle and hustle over it, and as she'll be back in her country, she won't know you've bought it. Play smart and safe for now I think is the best way forward.  

sassyblue

It depends… are you using up all your capital to purchase this car? If you are then it looks like you’re purchasing it in an attempt to get rid of cash.  If you still have a decent savings sum left then go ahead.

your car could be considered a matrimonial asset BUT your marriage is very short and I would expect you will not be paying a huge sum to her in relation to your wealth, IF you pay her anything at all……  she damaged your home so hopefully that will be offset against any agreed settlement.

T.T.D

sassyblue said:

It depends… are you using up all your capital to purchase this car? If you are then it looks like you’re purchasing it in an attempt to get rid of cash.  If you still have a decent savings sum left then go ahead.

your car could be considered a matrimonial asset BUT your marriage is very short and I would expect you will not be paying a huge sum to her in relation to your wealth, IF you pay her anything at all……  she damaged your home so hopefully that will be offset against any agreed settlement.

Agree’d, but I would add, if ex decided to claim for everything you’ve got (even though it sounds unrealistic for her to get anything other than minimal in reality), it may be centre of attention having a big shiny expensive E.V to argue over, to me it seems sensical to get the ball rolling and get a quick divorce going where nothing can be the centre of attention, everyone benefits all round you get divorced quickly and solicitor keeps your costs down whilst getting paid. Win win.