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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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Old 08-14-2009, 12:05 AM
Strotter Strotter is offline
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Default Settling Net Family Property Issues

I have been separated from my husband for 14 months and would now like to pursue a divorce, however, although custody and child support issues have been settled, we still have some outstanding issues relevant to our Net Family Property Statements. I understand that I can go ahead with the divorce without having all of these situations rectified, however, I am wondering if the property issues and debts are not dealt with within the year after the divorce, do they become the responsibility of the individual? For example, my husband incurred a large amount of debt that puts me in a position of owing him $61,000.00 in terms of equalization. After a year, would these debts then revert back to being his responsibility alone? Also, we have a rental property and the matrimonial home that are in both our names and are both for sale. If, for some reason, one or both do not sell within the year following our divorce, are we still each entitled to 50% of the value of these properties when they do sell? Thank you in advance for your response. Sara
Old 08-14-2009, 07:06 AM
standing on the sidelines standing on the sidelines is offline
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I cannot see the debts being reverted back to his alone after a year. If that was the case then everyone would be doing it. As for the property, as long as it is in both of your names then you are each entitled to 50% of the profit/loss.
Old 08-14-2009, 11:19 AM
AtALoss AtALoss is offline
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I agree 100% with Standing on the side lines as to the debts and proerties. The only debts you would be held solely for would be any that were incured after separation. Both be ware though that if it can be proven that the properties were devaluued as a result of the person in possesion there could be legal action against that person and as well with debt if it would be found that there was reckless incurement with purpose to skue the net worth it would be trouble for the person who did so.
Hope that made sense as it was written.
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