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Promissory Note between husband and wife

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Rbj3414

Junior Member
I live in South Carolina. My husband and I are separated and moving forward with a divorce in the near future. Before we separated my husband loaned me money. He required me to sign a promissory note.

I would like to know if a loan between husband and wife with a promissory note is legally binding? We were only married for two years. The money he loaned me was from his personal account.

Now that he's moved out of our home I can no longer afford to pay the amount agreed upon. I've asked him a to lower the payments or postpon the payments for a few months. He is not willing to work with me.
 


LdiJ

Senior Member
I live in South Carolina. My husband and I are separated and moving forward with a divorce in the near future. Before we separated my husband loaned me money. He required me to sign a promissory note.

I would like to know if a loan between husband and wife with a promissory note is legally binding? We were only married for two years. The money he loaned me was from his personal account.

Now that he's moved out of our home I can no longer afford to pay the amount agreed upon. I've asked him a to lower the payments or postpon the payments for a few months. He is not willing to work with me.
That all depends on whether the funds were marital property or his separate property. Being in a bank account in his name only does not make the money separate property. It is separate property if it was accumulated prior to the marriage or came from an inheritance or family gift.

However, that money should be dealt with as part of the property settlement in your divorce...therefore I would probably let him know that you are going to stop payments until the property settlement of your divorce is dealt with.
 

tuffbrk

Senior Member
I don't understand. Waht difference does it make that he has moved out? Are you struggling to make rent? If so, perhaps you need to consider moving as well.
 

LdiJ

Senior Member
I don't understand. Waht difference does it make that he has moved out? Are you struggling to make rent? If so, perhaps you need to consider moving as well.
If they are on a lease or a mortgage its not that simple...at least for the shorter term.
 

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