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.
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.
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
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