Are you and your husband seperating? If you do take the money out of a marital account )equity in the marital home) there needs to be a clear agreement on the repayment of this loan. Also, if your name is on the loan, you are as responsible as your husband for repayment. This means in the event that he doesn’t repay, they can go after you. I would suggest if you are seperated, to include this in your ED. If you aren’t seperated, there really isn;t much you can do, I don’t think you can sue your spouse because under the eyes of the law you two are one entity. Maybe the lawyer will answer this better.
Thinking of separating, but wanting to know my options where that money is concerned. The debt came before the marriage, so how can I be responsible for it? Thank you,
Mathkittycat
If you and your Husband are on speaking terms I would simply ask him if you can pay yourself using equity from the home, if he agrees you have no issues. If he does not agree, that promissory note may be something you can attempt to enforce, it will be something that can be considered when your marital property is divided.
Helena M. Nevicosi
Attorney with Rosen Law Firm
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I loaned my husband $9,000 to pay off his first wife before we were married. I have a promissory note saying it will be re-paid when he gets his inheritance from a business deal. Now that company says it has paid out as much as it is going to. Can I use out joint home equity loan to write myself a check for $9000 in order to get the money for that loan?
Thank you for your assistance.
Mathkittycat@aol.com