QUESTION

I have a question about marital debt in a divorce.

Asked on Dec 29th, 2011 on Divorce - Colorado
More details to this question:
I''m in the beginning stages of a divorce. We we''re married in Oct. 2001. In March of 2001 my soon-to-be husband borrowed money from his father to cover living expenses after he was laid off. He signed a hand written promissory note to pay his father back with 6% interest. The borrowing continued on and off until 2005. We always had separate bank accounts so I was unaware of the extent of the borrowing. My husband has not paid anything back to his father. Now, my husband is trying to gain possession of our house stating that I owe his father $88,000 (half of the loan) that has accrued 6% interest since 2001. My question is, am I responsible for this debt? Thank you for your time!
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1 ANSWER

Melissa Marks
Unfortunately, in general, just as any property or increase in value of property accrued during the marriage is marital property subject to division, so is debt.  There may be situations or factors that change your obligation on the debt, and certainly a savvy attorney can help you find any loopholes.   With $88,000 at stake, I definitely suggest you consult with an attorney.  - Kelly L. Snodgrass
Answered on Jan 04th, 2012 at 1:00 PM

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