Matrimonial Assets

[wakeupsmelltheroses]

Can anyone advise if a car is a matrimonial asset ? On Form E ex has shown a report of current valuation however, ex states there are loan payments on it and its rejected from the pot on this basis . There was no proof ie loan agreement just his word

Hey.
Having just done all this, he will have to produce a loan document proving this and any outstanding payments and also a termination cost if he gave the car back now.

He has to evidence everything he says.

Thank you I think he is being sneaky (such a cunning fox.) He expects me to just accept his word . If there was such a loan agreement document would the court take into account his expensive £65K car against my £2.5 K with no loan agreement on mine as paid off

You cant compare a £65k car which i am guessing he will never own (just give back at the end of the term) with a £2.5k car you do own. His car will have a settlement figure to get out of the contract or to buy the car.

He did receive a severance package after 10 years for redundancy and I believe he took the payment out by a cheque from his bank account and transferred elsewhere . I think no prof yet , but he purchased said car outright then what ?

If he owns it outright then yes the value will be taken into account. If there is a loan agreement he will have to produce it and the value of the car will be less important.

" believe he took the payment out by a cheque from his bank account and transferred elsewhere . I think no prof yet , but he purchased said car outright then what ?"

Of course you've got proof. It will be on his Form E. Moving money from one bank account to another place will show on his statement he has to submit for his Form E.

The car is an asset, any loan against it is a debt. Just like a house. You list it even when there is a mortgage. You lost the value of the house and the value of the outstanding mortgage.

@Notsuchasmugmarriednow1 yes , exactly the bank statement proves this withdrawal by cheque only . I do not know where it went after that, cant seem to see a deposit in any other account ??

In previous employment he had the use of a company car since gaining new employment I have not seen his list of perks or contract of employment and wage slips ie

Company car

Phone contract

Medical insurance

School fees

Flights

Accommodation

Is the purchase of a car by loan a way to say he has less money due to liabilities ?

What do you mean you haven't seen his wage slips? Surely he included 12 months worth in his Form E? He has to.

The reason he is saying there is a loan on the car is to reduce his liabilities, yes. He needs to evidence that loan. He also needs to account for the lump sump he withdraw from the bank. How much did he withdraw? Because if that money can't be accounted for then you can argue that he has already received it and that it should be deducted from his end of the final settlement.

So, if he drew a cheque (I think you mean a bankers draft) for, say £50k from his bank then you can ask where that money is gone and he has to answer you, and provide evidence. If he can't provide evidence then you can argue that he has already had £50k out of the marital pot.

Has your solicitor not explained the next step after exchanging Form E's to you?

The problem is I took it to court and had representation counsel at the time for 2 hearings . At the Second hearing he was made redundant for the 2nd time -first time was a big payout £68,000 second time he had only been there a year so only received about £8,000. There was 12 months of his numerous bank account statements but no loan agreement for the car or repayments nothing also no wage slips as such as unemployed but had a couple of jobs in the pipeline.

There has also been another cheque removing monies but that is another story.

He stated an amount for his life assurance per month but nothing for a S/o for £520 a month to The Isle of Man

Final hearing is in 3 weeks and I will be LIP due to lack of funds to take it this far.

You've done really well to get this far. Good luck with your final hearing. The judge will be fair at least, but they can only act on the information they have in front of them.

How are you expecting it to go? I assume he's been unreasonable to your offers thus far?

well he does not want to do another Form E lets put it that way .

Plus full and frank disclosure for his new iob and wagesetc

Thank you for your words of encouragement I've done many offers to try and settle and my reasoning but rejected as its his way or no way so therefore we are at checkmate !