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Divorce in NY state, financial concerns, separate and community property and debt

Asked over 3 years ago - Manorville, NY

I want to leave my husband. Together we have a HELOC with a substancial balance on it and an even more substancial available balance that can be drawn on. I had spoken to the bank rep and they adviced me that they will not close the account until the balance is paid in full. My fear is that when I tell my husband about my desire to leave, he will immediately go to the bank to withdraw alot from the HELOC for personal gain (and to screw me). How do I prevent this from happening?

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Loren Ivan Glassman

Reputation Level 5

Answered over 3 years ago. Divorce / Separation Lawyer in Elmsford, NY.

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My first thought is to ask the bank officer if the bank will amend the HELOC to require both of your signatures for any withdrawal of additional funds. If the bank will do that for you, you may proceed to discuss a divorce with your husband, secure in the knowledge that the loan cannot be enlarged without your knowledge and agreement.

If the bank will not allow such an amendment, you should seek the advice of an attorney about commencing a divorce by filing a summons with notice and then serving your husband, along with the summons, an order to show cause asking the court for an order preventing either of you from withdrawing funds absent an agreement to do so or a further order of the court. The court should issue a temporary restraining order preventing your husband from taking more money if you are able to show that there is reason to believe he will raid the HELOC. That order will protect you while the court more fully considers the issues and hears your husband's position.

Loren I. Glassman
Attorney at Law
White Plains, NY 10601

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