Forgiveable Loan


#1

The amount of money you paid towards this in taxes may be something you need to account for to the marital estate.

If you contend the asset is your separate asset, then the debt associated with it would be your separate debt.

Helena M. Nevicosi
Attorney with Rosen Law Firm

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#2

I received a large signing bonus in 2000 prior to my marriage later that year. I put a portion of the bonus in stock which I never sold. The rest of the money became marital property. The signing bonus was considered a forgiveable loan, and each month $16,000 in phantom income is reflected on my check and taxes are taken out of my check based on the phantom income. If I leave my company, I will have to pay the balance on the remaining portion of the forgiveable loan.

Is the amount I invested in stock still considered separate property?

The remaining amount was invested in stock which was then sold or put in our joint bank account - and later spent. Is that considered marital property?

Is my forgiveable loan considered separate property (debt)?