Legal Question in Family Law in California
Equity line of credit
My husband left me. Two months prior I agreed to his recommendation that we take out a line of equity to pay off our debts. He also bought a brand new car on same equity line. This was premeditated on his part. Ubeknownst to me, the day he left he withdrew 1/2 the remainder of the balance of the eloc and left me the same amount, which I have used up to pay for this enormous debt, and expenses since he makes twice as much as I do. We have two children and he has been paying child support. He has not paid anything on the line of equity at all and has no intention of doing such. For simplication, the value of the house is $500k. The first mortgage is $300k, the equity line is 100K. The unencumbered balance of equity is 100K (remaining equity less the first and eloc). I would like to buy the home, and have qualified. If I am refinancing the full $400k, and he is technically responsible for $50k of the $100k line of equity, would I have to give him any cash equity? Or would I still have to give him $50k? He feels he is intitled to $50k.If I don't have to give him any cash equity or I do have to give him some, can you please explain why? Thank you.
2 Answers from Attorneys
Re: Equity line of credit
Since he has taken money and you have paid off community debt he may have already received all or a large portion of what he is entitled to receive. Your talking about a lot of money here. Don't be penny wise and pound foolish, get a good attorney who can explain how the legal accounting will work. Good Luck, Pat McCrary
Re: Equity line of credit
If you cannot agree on the sale of the house or the splitting of debt, the court may intervene. Get representation. Call me directly at 16192223504.
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