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I am currently separated, but I am listed as a Co-signer on my ex-husband's truck and travel trailer. What are my legal rights in terms of removing myself from the loans? They are both newer loans (within the last 2 years) and he has full intention of keeping both the truck and trailer. I don't want them, I just want my name removed.
Typically, family property being assets and debts are totaled up upon relationship breakdown and the two spouses equalize the property. You really should consider whether , on that basis, you are owed some property or funds from your marriage.
You did not state whether you are also a registered owner of the assets (truck and trailer).
Assuming you don't intend to settle all of your property for some reason, you need to work with the loan providers (bank or financing company) to move the loans into your ex husband's name. The ex should cooperate to do this as presumably he will retain the assets. If you are waiving your share of the truck and trailer, he should refinance the loans concurrently with a Bill of Sale. if he can't refinance, then sell one or both of the assets and pay out one or both loans. You likely need to talk to a lawyer about your rights to property division. If someone can afford a truck and trailer they likely have other assets that may be divided if the marriage was of any length at all (such as a private corporation, or a pension). A one hour consultation with counsel could assist you greatly.
24 months ago
Kelly (Fort Saskatchewan)
My name is listed on the bill of sale for both the truck and trailer. He has negative equity from his previous truck included in the loan as well. Selling both would result in a large amount of debt remaining on both loans.
04 months ago
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