Her car, documents in her name, but my insurance, I'm the main driver, and my NCB, and she's a named driver. A car, for example, is often owned by a married couple jointly or by a parent and child as co-owners. What property can be seized or sold depends upon the laws of the state in which the debtor resides and/or owns property. First, one must understand the difference between and impounded vehicle, and a seized vehicle. For example, you owe a loan company $10,000 for some on-line debt and they sue you and obtain a Writ of Seizure. Rules for Using a Co-Owned Car The opposite is also true. The first $6,600 has to be paid to you. 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. Almost anything, including real property, bank accounts, and investment accounts, can be, and often is, owned jointly. Is a spouse liable? The costs to sell are 15% or $1,200, so there is $6,800 left over. Therefore, it is of utmost importance to understand the various joint tenancies and their consequences. In most cases a primary residence is protected by the state's homestead exemption or by state laws prohibiting a forced sale. If you want to leave your share of the car to your co-owner, it makes sense to own the car in joint tenancy. 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. Share Me & Help Others Have The Law On Their Side A significant portion of the assets we own are held jointly with another person. You allow them to take your car and sell it, but you claim your exemption limit of $6,600. No, no problem insuring a car owned by the spouse. 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? Can assets owned by the defendant's husband, wife or partner be seized when executing a writ? My car, my name on the documents, her insurance, she's the main driver, her NCB, and I'm a … Can My Car Be Seized? 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 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. Attention should be paid to how the financing is arranged, the process for obtaining car insurance, and even … If a vehicle is simply towed from the scene following an arrest for a relatively minor offense (e.g. What happens with jointly owned goods - can they be seized? The car sells for $8,000 at auction. 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