Annie7676
old hand
Reged: 06/05/05
Posts: 862
Loc: NY
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The scenario is long term marriage, 23 yrs.
During the marriage the husband acquired the marital home, and rental properties/business but put them in his name, not the wife name. The home and business rental properities were not purchased with inheritance or gift money but with monies from the marriage.
Husband has excluded the wife and has taken out loans against the property in his name only and has the attitude that everything is his.
Wife works and has a job with a pension, 401K. Husband does not work but lives on the income from the bldgs which is a very small income and has no pension, 401 or anything except the house and properties.
Question, if a divorce occurred, is the wife held to being responsible for the loans he took without her knowledge or signing for them, and also is she entitled to half of all that was acquired during the marriage even though he excluded her from everything.
He is at the point where he wants to end the marriage and she is afraid that she is liable for those debts, at least half of them. He seems to think that all they have his his and not hers.
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Renny
addict
Reged: 09/24/11
Posts: 479
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NY is an equitable distribution state. All assets and debts together will be divided "fairly".
"Question, if a divorce occurred, is the wife held to being responsible for the loans he took without her knowledge or signing for them, and also is she entitled to half of all that was acquired during the marriage even though he excluded her from everything." quote
Those debts would be considered marital debts and divided, unless they are part of a scheme to dissipate assets, as in gambling,drugs, a paramour, or hid money. Not keeping the wife informed is not keep the wife harmless from debts.
Are you saying that at the end of the day the H has no assets, and perhaps only debts? Tough situation when she worked diligently and accumulated a nest egg in the 401(k), which is to be divided. and he acted like a big shot entrepreneur and wound up with debts.
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