In case ofdivorce, husband and wife share 50% of the assets/debts. If he gets a big loan before divorce, will I be responsible?

Asked 6 months ago - Houston, TX

I am considering divorce because of adultery. My husband wants to get a big loan to buy shares in his company. He needs to take a life insurance for that purpose.
Will I be responsible to pay half of that loan as well, if he gets it before the divorce?
Thanks.

Attorney answers (3)

  1. Maria Sara Lowry

    Contributor Level 20

    2

    Lawyers agree

    Answered . Call a lawyer now and file for divorce with tempura rumored to enjoin the loan. If you decide to drop the divorce later, you can. But it will buy you some time.

    And yes, you might wind up responsible for all or part of the debt and would need to make sure you also get adequate assets.

    You should hire a family attorney to advise and represent you.

    This answer DOES NOT establish an attorney-client relationship. This answer is based on the limited information... more
  2. Brian Douglas Walters

    Pro

    Contributor Level 13

    2

    Lawyers agree

    Answered . If your husband is going to take out a loan, you would likely have to give your consent since you are married. If not, and the proceeds were used to but shares in his company, then both the loan and the shares would be community property. Whether or not you would be responsible is a different question than whether the loan would be considered in a separation of property in divorce. Likely you would be.

    Of course, if the shares of the company become more valuable than the loan, then you will want to share in that gain.

    This is a complex area of the law.

    This information is not legal advice and does not form an attorney-client relationship.
  3. Dawn Anne Renken

    Contributor Level 11

    Answered . It depends. In Texas, you will be awarded a fair and equitable division of the estate, which is not always 50/50. The court will take into consideration when the loan was taken out, the purpose of the loan, the total value of the estate, the type of property to be divided, etc. the division rarely goes through each individual asset and/or debt and divides it, it's more of the total value and what is equitable.

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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