Joint tenancy means your half of the car automatically goes to the other owner if you die. You allow them to take your car and sell it, but you claim your exemption limit of $6,600. If a vehicle is simply towed from the scene following an arrest for a relatively minor offense (e.g. Almost anything, including real property, bank accounts, and investment accounts, can be, and often is, owned jointly. Therefore, it is of utmost importance to understand the various joint tenancies and their consequences. Can the creditor seize or place liens against jointly owned marital personal property to satisfy a judgment against just one of the spouses? Attention should be paid to how the financing is arranged, the process for obtaining car insurance, and even … First, one must understand the difference between and impounded vehicle, and a seized vehicle. The debtor-joint tenant’s interest can be sold without involving the other joint tenant — when the interest is sold the debt-free joint owner will then learn that Florida law says that the the joint tenancy is then severed — the debt-free joint owner will find him or herself as a tenant in common with the creditor or a third party. The joint ownership of a car is one way for two or more people to have access to reliable transportation, even if affording single ownership is not practical. In other words, your vehicle can’t be taken to satisfy a judgment unless the car’s value, minus all debts for which the vehicle is collateral, is greater than $1,000. No, no problem insuring a car owned by the spouse. The first $6,600 has to be paid to you. Is a spouse liable? What property can be seized or sold depends upon the laws of the state in which the debtor resides and/or owns property. A car, for example, is often owned by a married couple jointly or by a parent and child as co-owners. Her car, documents in her name, but my insurance, I'm the main driver, and my NCB, and she's a named driver. If you want to leave your share of the car to your co-owner, it makes sense to own the car in joint tenancy. Can assets owned by the defendant's husband, wife or partner be seized when executing a writ? The costs to sell are 15% or $1,200, so there is $6,800 left over. The actual process of acquiring and managing a vehicle with this type of relationship does require some advance planning. Tenancy in common means you can leave your half to whomever you'd like, as part of your estate. Reply from DebtCollectionAnswers.com: Frank, we can't offer legal advice but we can try to help you understand the issues you're facing. The defendant may believe the goods are exempt from seizure because their husband, wife or partner is not liable for the defendant’s debts. If the creditor can seize or place liens against those assets, can we sell any of those assets before such action takes place? The opposite is also true. Both real property and personal property can be owned by more than one person. Can My Car Be Seized? For example, you owe a loan company $10,000 for some on-line debt and they sue you and obtain a Writ of Seizure. In most cases a primary residence is protected by the state's homestead exemption or by state laws prohibiting a forced sale. The car sells for $8,000 at auction. by Frank (Port Saint Lucie, Florida,USA ) Can my car be seized if I jointly own it with my dad and we have owned it jointly for 5 years? My car, my name on the documents, her insurance, she's the main driver, her NCB, and I'm a … Share Me & Help Others Have The Law On Their Side A significant portion of the assets we own are held jointly with another person. What happens with jointly owned goods - can they be seized? 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