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Who controls the trust fund and over what? I was advised by lawyer to sell matrimonial home to finance my family law case,

San Diego, CA |

Have a bit mixed fillings so please, can you help me with some queries.
The situation at present is:
- The house is registered in my husband name only. There is a mortgage on half of the value of the home, borrowed in my husband’s name only against the house. The repayments are behind. Since the separation a year ago me and children live in the matrimonial home.
My lawyer told me that if I sell the house now and discharge the bank loan, the balance will go into “trust fund”. My question is: Who would have control over the “trust fund” where the balance is to go – is it both my and ex husband’s lawyer – or who, and to what extent? What can it be used for?
Whould the lawyers be able to use it for financing case costs without my knowledge?
Since this would be my only part of sett

Attorney Answers 3

Posted

It's unclear from your question whether your soon-to-be-ex-husband is on board with the idea of selling the house. If he's not, you can't sell it without a court order for sale. You and your ex have control over what happens to the sale money; it can go into once attorney's trust account, a joint signature trust account under the control of both attorneys, or you and your soon-to-be-ex can even agree to simply divide it immediately.

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Posted

Given that you are currently represented by counsel, your best course of action would be to have an open and frank conversation with your attorney about these issues.

** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client relationship. When responding to questions posted on Avvo, I provide a general purpose response based on California law as I am licensed in California. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel. Law Offices of Eric J. Gold www.EGoldLaw.com Telephone: 818-279-2737 Email: service@egoldlaw.con

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Posted

The funds would go into one of the attorney's trust fund and would only be spent upon court order or agreement of the parties.

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