My soon-to-be ex-husband took out a 401k loan for $30,000, during our marriage, to pay for credit card debt that he had prior to the marriage. He took out a second 401k loan, during the marriage for $11,000 to pay towards a property he had in another state prior to the marriage as well. We've been separated for 1 year now and he has filed the divorce and filed for equitable distribution. Am I responsible for helping him pay off the 401k loans?
Family Law Attorney
If he has filed for ED, please do your very best to hire an attorney as soon as possible. Most judicial district have very specific rules realted to ED, each party's affidavit of property and debt, the pre-trial order, and mediation, and you will need an attorney's guidance through the process. Normally loans incurred by the parties during the marriage are considered marital debt, but you should take the position that these particular loans shoud be classified as his seperate debt. You will need to provide whatever information to your attorney which shows the "path of the money." if he took the money and deposited it into a checking account, and then wrote the checks to pay off the items above, you should give your attorney copies of the checks. These types of situations are very fact and detail specific, and you should provide your attorney with as much information as possible.
Please read the AVVO dsiclaimer. The response to this question does not create an attorney client relationship.
Divorce / Separation Lawyer
Attorney Schulz gave you an outstanding and comprehensvie answer, there are ways to argue that his debts are outside the scope of the martial estate and that may help you. take care.
Legal disclaimer: The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Massachusetts. Responses are based solely on Massachusetts law unless stated otherwise.