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loans

I have been married for 5 years and my husband wants to refinance the house and get an extra $38,000 for other bills mainly for renovating/finishing a cabin that he owned proir to the marriage. I don't think it's a good idea. What I'm worried about is, if in the future if we would get a divorce (who knows what might happen). Will I be responsible for this loan if my name is no where on it. Plu he owned this property before we were married and he paid it off while we were married. Mostly I don't want to have to pay for something he might get if we get divorced.

by goinonnumber4 Posted on 5/5/2008 2:07 PM	send to friend e-mail this from divorce360.com [loans] - divorce360.com To E-mail: Separate multiple addresses with commas(,) From (Your name) : Your e-mail address: Message:
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jackson is incorrect

you will be responsible for the loan, as it was drawn off of a marital asset - HOWEVER - if he uses those funds to renovate his cabin, the comingling of marital asset (the loan) with his seperate property (the cabin) the cabin then becomes marital property - something you two will have to discuss ownership or split of if something happens.

I'm a family law attorney

by spaznskitz 1217 Posts
Posted on 5/6/2008 3:17 AM

as i understand it, you are not responsible for a loan not in your name, but if, for example only, if he passes away, you have to deal with it then.....

by jackson 280 Posts
Posted on 5/5/2008 5:26 PM

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