QUESTION
Can a judge order responsibility of a loan in a divorce?
Asked on Mar 27th, 2017 on Business Litigation - Florida
More details to this question:
A business loan was taken out for what was at the time mine and my husband's business. It was a cash advance loan with a very high interest rate. Since then, only a 1/4 of the loan was paid back and the business was not making any money. My husband and I are also getting divorced on 4/5. I was just served as they are now suing us. The divorce is uncontested and I get the house and he gets the business. I have removed myself from the business as of 10/2015. Can I ask the judge, if my husband agrees, that my husband be responsible for this loan and not myself as well?
1 ANSWER
It is not your husband's agreement you need, but the lender's; the lender is the one whose rights (to seek payment from you and your assets as well as your husband's) are being prejudiced. The judge can declare that, as between you and your husband, he has responsibility for the loan, and you could then sue your husband for any amounts you have to pay on the loan. However, as a general rule, the judge can't change the rights of a 3d party (the lender) who is not before the Court.
Answered on Mar 28th, 2017 at 3:36 PM