promissory note and vacation pay

What is the name of your state? CA
hi. My promissory note from my husband to me for 35k was signed by my husband but not notarised by him . Is it invalid or not enforceable if it is nto notarised or witnessed . Thanks.

Is vacation pay considered community property in a divorce settlement and can it be paid prior to him leaving his job. Thanks.

kimberlyrosem said:

What is the name of your state? CA
hi. My promissory note from my husband to me for 35k was signed by my husband but not notarised by him . Is it invalid or not enforceable if it is nto notarised or witnessed . Thanks.

Is vacation pay considered community property in a divorce settlement and can it be paid prior to him leaving his job. Thanks.

Click to expand...

Maybe. My employer will not accrue or rollover vacation pay from a prior year, nor will they pay it in cash OTHER than as pay-during-my-vacation leave. So, for example, my vacation pay is simply part of my salary that I get when I'm not working. It's NOT over and above my salary! Likely, that is the case for most employees - vacation pay is not ADDITIONAL money, it is money paid while gone.

Dumb and Dumber...

kimberlyrosem said:

What is the name of your state? CA
My promissory note from my husband to me for 35k was signed by my husband but not notarised by him . Is it invalid or not enforceable if it is nto notarised or witnessed .

Click to expand...

Lloyd Christmas put it in terms anyone can understand: "That's as good as money sir, those are IOU's. Go ahead and add it up, every cent accounted for. Look, see this, that's a car, $275 thou...might wanna hang on to that one."

In other words, a signed piece of paper is just as good as cash...regardless if it's notarized. Good luck.

Thanks to both. nextwife- When you leave your job would you get vacation pay at least for that year in a lump sum. is that normal? thanks.

I must be brain-dead ...

Kimberley, I missed the 'consideration' - what did he get in return for the '35K' ?

When you leave a job, you normally recieve monetary compensation for any UNUSED vacation time accumulated up until the seperation date. Which is not necessarily the same as being paid for the entire years worth of vacation time.

Many companies have switched from giving a set amount of time each year (ie-2 weeks) to giving employees a set amount of PTO (paid time off) based on pay periods (ie-4 hours of PTO each pay period) or based on the actual # of hours worked (ie-4 hours of PTO for every 80 hours worked). The best part of having PTO figured in this manner is that it will usually continue to accumulate instead of just being "lost" at the end of the year like regular vacation days.

Wait a second - vacation pay would just replace salary, so it isn't an additional amt in the 'savings bank' (unless he has control of whether he can cash vac out, in addition to his reg pay). It's usu only income replacement.

OP said:

Is vacation pay considered community property in a divorce settlement and can it be paid prior to him leaving his job. Thanks.

Click to expand...

Whatever, if H says he owes it, and is willing to pay & stips to it, then, in CA both attys should list the assets/deduct debts, as distributed betwn spouses, and the balance will be zeroed by an 'equalization payment' due from the spouse receiving more, to the other.
Tell your atty to list the vacation pay as an asset which H is retaining.

Legally, if I were a FL Commissioner, I wouldn't allow the vac to be treated as an asset retained by H (unless I had solid proof the vac pay could be cashed out, at the H's choice).

But it can be argued that the vac accrued, during the marriage, and was for prior vacation time not taken (rather than future time); ergo it's cp & at some future date it will be cashed out by H.

kimberlyrosem said:

What is the name of your state? CA
hi. My promissory note from my husband to me for 35k was signed by my husband but not notarised by him . Is it invalid or not enforceable if it is nto notarised or witnessed . Thanks.

Is vacation pay considered community property in a divorce settlement and can it be paid prior to him leaving his job. Thanks.

Click to expand...

Are you saying that your husband has $70K in accumulated vacation time ($35K X 2)!?!? Or are these 2 separate issues?

vacation pay and note

Thanks for comments and these are 2 different issues . sorry about that.
Husband owes me 35k on a promissory note. i lent him 35k cash during our marriage and now he does nto want to pay anything back.
He has 140k a year job and 100k owing to him in vacation pay accumulated during marriageand 30k in sick leave and no other assetts.
im trying ot find out what im entitled to in divorce. thanks.

kimberlyrosem said:

Thanks for comments and these are 2 different issues . sorry about that.
Husband owes me 35k on a promissory note. i lent him 35k cash during our marriage and now he does nto want to pay anything back.
He has 140k a year job and 100k owing to him in vacation pay accumulated during marriageand 30k in sick leave and no other assetts.
im trying ot find out what im entitled to in divorce. thanks.

Click to expand...

You 'lent' him 35k during your marriage? You made him sign an IOU? I am not sure of that holding up in court..... Was the 35K for something specific?

Depending on the company and the reason for him leaving there may not be any 'sick' or vacation pay as some companies force there to be a forfeit (not meaning yearly but upon resignation).

You are entitled to 1/2 of assets acquired DURING the marriage, as well as half the debt.
Depending on the length of marriage you may be entitled to alimony...
If there are kids... that's a whole other set of things that you could be entitled to and/or obligated to depending on how things turn out.

alimony

35k was 25k loan for his startup business and 10k loan for deposit on a property which also fell through. he lost all the money.

We were married 4 years. If we were separated for a total of 1 year duirng marriage how does that affect any alimony. If I am entitled to alimony becuase i lent him all the money i had for my business how long would it be for and approx how much if he earns 140k a year and is sole breadwinner.
thanks.

kimberlyrosem said:

35k was 25k loan for his startup business and 10k loan for deposit on a property which also fell through. he lost all the money.

We were married 4 years. If we were separated for a total of 1 year duirng marriage how does that affect any alimony. If I am entitled to alimony becuase i lent him all the money i had for my business how long would it be for and approx how much if he earns 140k a year and is sole breadwinner.
thanks.

Click to expand...

So you were ONLY married four years? Only with him for three? While compensation for the debt is likely, alimony is NOT.

Also, you will be responsible for your share of any marital debt.

tigger22472 said:

You 'lent' him 35k during your marriage? You made him sign an IOU? I am not sure of that holding up in court..... Was the 35K for something specific?

Click to expand...

If they were married when the OP "loaned" him the money, it COULD be considered a marital debt. Meaning that she would owe herself half of the money.

OP - EXACTLY how is the IOU worded? Was there a repayment plan or a time limit to repay the debt?

hi. it was a promisory note 1. for value received x promises to pay y 35k .
3 year time frame, note due in nov 07. 1.5 % interest. i will be paid legal costs in enforcing this note in case fo default. it was a standard form which he found on line and signed and gave it to me.

kimberlyrosem said:

hi. it was a promisory note 1. for value received x promises to pay y 35k .
3 year time frame, note due in nov 07. 1.5 % interest. i will be paid legal costs in enforcing this note in case fo default. it was a standard form which he found on line and signed and gave it to me.

Click to expand...

You should really talk to a local attorney about the IOU. Since you were married at the time the debt was incurred, that could make it difficult to enforce the IOU. A local attorney would know how to approach the matter in court better then anyone here. Every judge is different and in civil court, there is more room for "interpretation" of the laws.