If I am seperating from my husband and he buys a condo, am I liable?

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If I am seperating from my husband and he buys a condo, am I liable?

My husband and I are going to seperate. I will be staying in our house with my 1 year old son and will be paying the mortgage. Both of our names are on our mortgage. Instead of renting an apartment, he wants to buy a condo. Due to his loan credit to debt ratio, he will need to borrow from his 401 K. Currently we have about equal amounts in our 410K’s. If he borrows from his 401K before we are divorced, lets say we each have 100K now if he borrows 30,000, he will have 70K will I need to pay 50% of my 401K to him, since we are not equal anymore? Am I liable at all for the new condo I do not want my name on it but we are married?

Asked on August 24, 2012 under Family Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You need to get ana ttorney and work this all out in writing as soon as possible.  Assets purchased during a marriage are considered to be marital assets regardless of whose name they are in and that is good for you here considering that he is "disipating" a marital asset by withdrawing from his 401K (you could use this as a negotiating issue but that remains to be seen).  Please get help.  Good luck.


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