I took out a loan on my 401(k) a few years ago to pay off some debts and put a down payment on our car. As part of the divorce, can I have my husband help pay for some of this debt? I think he should because I used it to pay for our debts and our car. I make about twice as much as him and we don't really own anything else. Thank you.
Much more evidence will be considered beyond just these few facts presented here. You certainly may have your attorney make the argument, support it by admissible evidence and cross exam about it at trial
What you think and what is agreed to or ordered by the court may be different. Your argument is reasonable but you should discuss this and all other questions and settlement proposals with your attorney. If you do not yet hae a lawyer, now is a very good time to consult with several and hire the one you like the best. There are many great lawyers in Will County
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I agree with the other attorneys. However I would add when dividing debts between parties it is good to consider keeping the 401(k) debt as opposed to other debts as you would be repeating yourself. The standard used by the judge is an equitable division of assets and liabilities. Consult with a few attorneys.
You have a reasonable position and argument here. You should hire an attorney if you do not already have one to give you the best chance at succeeding.
Clearly, the type of debts that were paid off have relevance, but be advised that the court will not conduct an audit on your marriage. The length of your marriage, the amount of the debts, and when your marriage began breaking down are relevant to the question of how a court will allocate various debts. The approach depends upon many factors including your marital lifestyle and the income differential between you and your spouse. You will probably need to speak with experienced counsel to clarify the specifics in this instance.
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