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Marital Debt

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lclapp

Junior Member
What is the name of your state?NY. Everything regarding finances went under my name only during my marriage (house and debt). Will my husband be responsible for the debt that was occured?
 


lclapp

Junior Member
The equity of the house is about the same as the debt (debt being a little more than the equity) that occured. Basically I just want him to take claim to nothing and I'll sell the house to pay off the debt. But I am wondering can I legally make him responsible for the debt? Also could I sell the house and pay off the debt before the divorce is completed or could he come back and try to get part of the equity of the house?
 

BelizeBreeze

Senior Member
But I am wondering can I legally make him responsible for the debt?
No, but a judge could.

Also could I sell the house and pay off the debt before the divorce is completed or could he come back and try to get part of the equity of the house?
No and yes.

Of course, you're attorney told you the same right?
 

lclapp

Junior Member
My attorney said I could see the house but I don't know if I could pay off the debt. I am a torn to do so because if I do pay it off and he goes after the equity I would not have the money to give him. I am wondering if I get stuck with having to pay him I would be dragging on the time until he is out of my life completely.
 

BelizeBreeze

Senior Member
O.K. then if you have an attorney did he tell you that if the home (or anything for that matter) was purchased during the marriage, it becomes marital assets.

If it was purchased before the marriage, then ONLY the equity could be considered marital assets.

It looks like you and hubby are going to have to sit down and negotiate. By the way, explain to him that DEBT is also a marital property.
 

LdiJ

Senior Member
lclapp said:
My attorney said I could see the house but I don't know if I could pay off the debt. I am a torn to do so because if I do pay it off and he goes after the equity I would not have the money to give him. I am wondering if I get stuck with having to pay him I would be dragging on the time until he is out of my life completely.
Ok...your soon to be ex would be entitled to half the equity of the home if it was purchased during the marriage.

He would also be responsible for half the debt if it was incurred during the marriage.

Therefore, as long as the debts are properly documented BEFORE you paid them off, there is little chance that you would end up having to pay him any of the equity.....because his share of the equity would have gone towards his share of the debts.

However, its best to get his agreement to handle it that way.
 

LdiJ

Senior Member
lclapp said:
I can't really speak to him, have an order of protection.
Personally, I think that if you document everything thoroughly that you can do it. However you could have your attorney send his attorney (or him if he doesn't have one) a letter outlining your intentions.
 

BelizeBreeze

Senior Member
lclapp said:
I can't really speak to him, have an order of protection.
Then tell your FRIKKIN attorney to make the offer. Geez lady, it ain't rocket science. And if your attorney can't pull his head out of his butt, find another one.
 

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