Promissory Note


#1

It would not be seen as alimony, otherwise, it would state that this was alimony or spousal support. What is the promissary note a reimbursement for?


#2

It sounds like the note is related to a distributive award. This means the note is a document which secures a cash payout which is being used to equalize the distribution of the marital estate. The note should not be considered alimony if it is indeed related to a property settlement and not meant to be support. There should be language in the Agreement that states the money owed pursuant to the note is a property transfer made pursuant to separation or divorce and is not taxable to the recipient and not deductible to the debtor.

P.S. Please feel free to bring up this or any other topic on our live call-in show every Wednesday at 11:00 a.m. EST. Visit radio.rosen.com for details

Erin Clarey
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Sutton Station
5826 Fayetteville Rd. Suite 205
Durham, NC 27713
Phone: (919) 321-0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

Here is some verbage from the note:

“For value recieved, theundersigned jointly and severally promise to pay to XXXXX the principle sum of XXXX payable in lawful money of the USA. The principal and interst shall be due and payable as follows.”

“This note shall be repaid without interest with the exception of interest accruing after default as set below.”

–There is no wording in the actual not of what its for. Its all “this note”.

**Im also in the process of filing bankruptcy and have an appt with an attorney in my state, but will I be able to include this note?


#4

Is the note is a debt you and your ex agreed to pay together for a joint debt of some sort?

Erin E. Clarey
Attorney with Rosen Law Firm

Raleigh Office
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 943.0044

Sutton Station
5826 Fayetteville Rd. Suite 205
Durham, NC 27713
Phone: (919) 321-0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#5

No, it was something attached that i wasnt aware of at the time we signed papers.
Its an amount the X came up with for me to pay for i dont know what. The X refuses to give me a breakdown of what its for.


#6

In the seperation agreement the attorney attached a promissory note. In the seperation papers it states the note as A REIMBURSEMENT. - Also in the seperation agreement it states there is no alimony or support requested from the wife.

Just wanting to confirm that the Promissory note will in no way be considered alimony in a a court???