Am I Entitled To Anything From The Loan In My Husband’s Name During My Divorce?
Today’s question comes to us from Janice and she wants to know if her husband and she divorced, is she entitled to anything from the loan that is in her husband’s name?
So Janice is contemplating a divorce and her husband has a residential, a business loan for some property that his name is on only. The business was obtained during the marriage. And she wants to know that if she gets a divorce, is she entitled to anything because her name is not on the loan?
My answer to her is this: Nevada is a community property state, and so, therefore, anything that is acquired during married, whether it be assets, businesses, cars, homes, or debts, any debts that either one of them incurs during the marriage, both parties are entitled or are responsible to divide that down the middle.
The course will begin with an equitable distribution of any assets or debts that are acquired during the business. However, in Janice’s situation, the husband opened the business before they were married, but continue to make payments on the business while they were married. So, therefore, Janice needs to talk to an attorney to see what portion of this property she’s entitled to, and what kind of equity on the property she’s entitled to because it won’t be split down the middle. It will only be that she’s entitled to equity from the time of the marriage.
Nothing before the marriage.
He acquired the loan before the marriage. Therefore, when she was married, he was making payments from the income that he obtained during the marriage. Therefore she’s entitled to some of the equity on this property. But because the situation is a little bit tricky, she needs to sit down with an attorney to discuss this. Janice, if you have further questions, you want to talk to me further, please contact me at vegasdivorcemeeting.com or call the office and I’ll be more than happy to go over this a little bit further for you.
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