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?
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".
Family Law Attorney
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 specific to a particular case, and does not create a lawyer-client relationship with the person asking the question.
Divorce / Separation Lawyer
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.
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 licensed in the state and federal courts of Colorado. This answer is for general information only and does not create an attorney client relationship between Stephen Harkess or Harkess & Salter LLC and any person. You should schedule a consultation with an attorney to discuss the specifics of your legal issues.
4 lawyers agree
Divorce / Separation Lawyer
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
1 lawyer agrees