Filed for divorce. A family member loaned me money to move. Could she get her hands on this money?

Asked over 1 year ago - Denver, CO

My wife moved out of state. I filed for divorce here and am working on getting her the service of process (haven't been able to yet). I intend to move out of the house we were living in together to someplace I can better afford. To do this, I got a substantial loan from a family member. Since we are not actually divorced and I haven't served her yet, would she be entitled in any way to that money or could she prevent me from using it to move? Can it be considered "marital assets" later on? She doesn't even know about this money at all. Once I do get her served, could the temporary injunction as outlined by C.R.S. 14-10-107 prevent me from using this money to move?

Additional information

We do not own the house we lived in together (that I currently live in). It was just a rental, and the lease ends in a few weeks. I will not be purchasing a house either. I will simply be renting another smaller, cheaper place where I will live by myself. I just don't want to deposit this money into my account and then, later, when I disclose my finances, she tries to claim that she is entitled to part of it because I acquired while we were "married".

Attorney answers (4)

  1. Karl J Geil

    Contributor Level 17

    5

    Lawyers agree

    Answered . Make sure you account for it properly. You should have a promissory note from you to the person who loaned you the money specifying the amount of the loan, rate of interest, when it is due, etc. And make sure you list the loan in the "Debts (Unsecured)" section of your Sworn Financial Statement. A personal loan to you is not a marital asset; it is an obligation.

    www.karlgeil.com. This answer is provided as general information about a legal issue, is not legal advice... more
  2. David Littman

    Pro

    Contributor Level 18

    5

    Lawyers agree

    Answered . I agree with my colleague, Mr. Geil. Do not conceal the fact of the loan but protect yourself and your family member by creating a promissory note. You can certainly open a new checking account in your name only if you haven't already done this. You will have to disclose the information, however.

  3. Stephen Clark Harkess

    Contributor Level 20

    4

    Lawyers agree

    Answered . The money could be considered a marital asset, but the loan is also a marital debt. If she gets her hands on any of the money, she is likely to also be expected to help repay the debt. The advice provided by the other attorneys to properly document and disclose the money and the debt is sound. You should be fine.

    You can reach Harkess & Salter LLC at (303) 531-5380 or info@Harkess-Salter.com. Stephen Harkess is an attorney... more
  4. Emily Therese Roberts

    Contributor Level 9

    1

    Lawyer agrees

    Answered . Full disclosure is necessary in divorce cases. I agree with my colleagues, make sure it is well documented and you should be fine.

    www.divorce-matters.com. This answer is provided as general information about a legal issue, is not legal advice specific to a particular case, and does not create a lawyer-client relationship with the person asking the question

Related Topics

Divorce

Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.

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