Did I lose my share of marital asset?


#1

While married, (7 years total), we purchased one business and the realty in the first year and opened a second store the 3rd yr into marriage. My name was not on the loan for the first store but is on loan for the second store. Both businesses were in operation as usual on DOS. Then divorce granted but ED not determined yet, nor is child support. In the meantime, he was ordered to continue to pay household bills and mortgages as always. Two yrs after divorce, the first store was months from being paid off but instead, without my knowledge, he took out a loan against it, consolidated the loan to include money needed to buy land and house for himself and his new wife. Now, we are going into an ED hearing in a couple of weeks. It seems to me that I should have an interest in his new purchases because he used a marital asset to convert the money/loan into a personal asset. (By the way, I have a court order early on, that states neither of us were to disturb marital assets without consent of the other party). Now, the business is in hock to almost the entire amount that the equity was prior to taking out the loan. How does the law view marital asset in this case? Am I entitled, still, to the amount of equity at DOS? Where or how would he get the money to pay me? Thanking you in advance, great service.


#2

It sounds like he might be in contempt of the order to not disturb marital assets. He should not have done that while ED is pending. You can file contempt for that but I’m not sure what the timeline is. The DOS is the period at which the marital estate is frozen, in a sense, for valuation. He will need to pay you for your fair share as of the DOS, and if he needs to take money out to pay you against his new property (which was essentially bought with your marital proceeds anyway), then so be it. Good luck to you.