Assets in wife’s name

#1

We have separated (no paperwork yet) just recently. We have been married 2 years. No children. I have a home in my name from a previous marriage (and was also our marital home). So does she. She is selling her house and is something we chose to do together before this separation took place. The sale of the home was NOT a decision we made because of an impending separation but something we did to pay off some debt and live a bit more comfortably. I am willing to split everything basically 50-50 and go our separate ways. She is telling me when she gets the check at closing she will pay off debts but won’t say which debts (one of which is my car that is in her name because it was purchased through a dealership employee discounted loan program). She also stated she was keeping the rest because it is hers (and in many ways I agree). How do I protect my interests as far as marital debt is concerned? The house closing is on Wednesday next week.

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#2

The best thing to do is to execute a separation agreement which will state who is keeping which debts and how the proceeds of the house sale (which may have a marital property classification) will be divided/distributed (to pay off which specific debts and how the remainder of the proceeds will be divided). If both spouses sign the agreement and it is notarized, then it is a binding contract between Husband and Wife.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

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