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

Get Legal Help Today

 Secured with SHA-256 Encryption

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 8 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption