I understand that assets are to be listed as the value as of the date of separation. So, I have no doubt in my mind that what is left in his 401K most CERTAINLY is not what was in there when I left in November. I’m sure he’ll play “poor mouth” and say he doesn’t have money to do a 50/50 split of assets, etc. Whatever … my question is when equitable distribution is finalized, what happens if he doesn’t have the money to pay whatever the distribution is?
The money will come from another asset, or he can be ordered to take on more debt.
There is no debt. We declared bankruptcy a few years ago and there’s no debt to speak of. So if there’s no debt for him to assume and he doesn’t have the money to pay for whatever my half of the ED is … then what happens?
A judgement can be issued in which he pays you what you are owed over time.
What exactly is a judgment? I am in the same situation and the only thing my spouse owns is a home with minimal equity. He was just discharged from a bankruptcy so he will must likely not be able to borrow the money to pay me. He does work. Can the judge order that a certain amount be garnished from his pay or is that not legal in North Carolina. I am afraid he will just say he doesn’t have the money to pay but this is my share of the ED and it is money he spent on himself the past few years. Our ED is not settled and it has been almost 3 years since divorce.
A judgment is a court order and it can specify an amount of money to be paid over time. Wage garnishment could occur if one failed to pay the amounts coming due and a judge ordered the same as part of relief in a contempt action.