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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 07-20-2006, 01:46 PM
movingon movingon is offline
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Default More Questions- re unsecured personal loans

I am curious about how unsecured personal loans play into the divorce process when dividing assets. Over the years my ex has borrowed money from his parents to a value of about $30,000. Some of that was used to buy the car that my husband drives and will keep after the divorce. Some of it was put against the mortgage in annual lump sums payments. We have been paying them back intermittently in monthly payments and frankly, I've lost track of the value of those loans.

The idea behind my ex borrowing from his parents was that it was agreed that he wasn't really bound to paying them back in short order if at all. I was the one who was insisting that the monthly payments be made. I'm not sure how binding any of that is, though I do believe he signed some sort of IOU...

My fear is that he and his parents will decide to use these loans against me during the division on assets. It they say that I owe them half for the money he borrowed, chances are I wil have to pay it and he will never pay them anything for his half. This could go on forever seeing as my parents have spent about $35,000 on helping with upgrades and renovations on our marital home. They too could step in and begin making demands...

I'm just not sure how far this sort of thing goes in the face of the law. It's all very daunting!
Old 07-21-2006, 04:59 AM
logicalvelocity logicalvelocity is offline
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You need to get documentation or a copy of same that states that it is a loan and not a gift.

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