Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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OK I have a new issue that me & my STBX talked about last night. He is a cattle farmer, has loans coming out the wha hoo. A couple of them I had to sign on because my name is on the house. He said at the time it would in no way effect me. (stupid me for beleiving that I know) So anyway, he tells me that if we get a divorce he will have all those loans split 50/50. These are his cattle loans. I have a full-time job. Totally separate from his career. Am I really going to be responsible for half? I dont make that kind of money to even pay 1/4 of these loans. Let me know if you need any addtl info to help me with this problem. Thanks in advance.
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getnadivorce
old hand
Reged: 08/22/05
Posts: 791
Loc: Illinois
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I would think that he also has assets that exceed the loans. Therefore, you get half of the assets as well, which should reduce the loans to zero. The argument could also be made that those loans are for the business and that if he gets 100% of the business, he also gets 100% of the loans for the business.
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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Well, his bussiness profits do go towards our home & expenses.
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getnadivorce
old hand
Reged: 08/22/05
Posts: 791
Loc: Illinois
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You mean his income goes towards the home and expenses. I think you will find that if he has a profitable business that is worth more than the loans you have on it, you will come out just fine. Talk to a lawyer in your area and see what they have to say
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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I dont know. Cattle farming is not very profitable. That is one small reason I want out of this marriage. I want nothing to do with cows once this is over. Could possibly turn into a vegatarian!! LOL
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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What state are you in?
Odds are you the loan and assets can be negociated. No property settlement is set in stone and courts often like folks to hash it out rahter than burden the court.
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13.1...because I am only half crazy!
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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MS
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Cinder2
Carpal \'Tunnel
Reged: 06/02/05
Posts: 4361
Loc: Southern California
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Tell him if you are responsible for half the loans, then you'll take half the ranch as well. 
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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I was thinking the same thing today. But that would mean I would have to deal with him longer...UUGGGHH
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Jennym2994
newbie
Reged: 11/15/05
Posts: 48
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You know he makes me so mad though & Im mad at myself too. When I signed those papers for that loan we both knew divorce was coming. But he knew I was helping him out. Because otherwise he couldnt have gotten that loan. He said it wouldnt effect me & now he is threatening to put my half on me. Something I have nothing to do with & he knows it. Its like I read somewhere on this website, you never know a person till you divorce them.
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