how do loans get split

[Mtnbiker724]

What is the name of your state (only U.S. law)? CA,
My wife and I are going thru a divorce, We took out a loan under my name, Now she is threatening to say in court that she didnt know about it if she doesnt get what she wants now before its even in court? Sence we were married at the time will they split it?

 

[cyjeff]

You live in a community property state.

That means that all assets and liabilities are shared.

 

[Antigone*]

What is the name of your state (only U.S. law)? CA,
My wife and I are going thru a divorce, We took out a loan under my name, Now she is threatening to say in court that she didnt know about it if she doesnt get what she wants now before its even in court? Sence we were married at the time will they split it?

Split is the name of the game in California

That may not mean that very loan will be split in half though - it is more complicated than that

 

[mistoffolees]

You live in a community property state.

That means that all assets and liabilities are shared.

Not necessarily. While as a general rule, that's true, there are exceptions.

For example, let's take a home worth $200 K with $100 K loan. While community property would say that they each get 1/2 of the value and 1/2 of the loan, it would be acceptable even in a community property state for one person to take the home and all of the debt and pay the other person 1/2 of the equity ($50 K).

 

[LdiJ]

What is the name of your state (only U.S. law)? CA,
My wife and I are going thru a divorce, We took out a loan under my name, Now she is threatening to say in court that she didnt know about it if she doesnt get what she wants now before its even in court? Sence we were married at the time will they split it?

What was the loan for? That can make a huge difference.