Legal Question in Family Law in New Jersey
IOU and divorce agreement
My ex and I signed 2 informal, handwritten IOUs, one before the purchase of our first home, and one before our second home. We were told the $ was a gift, but for legal and mortgage purposes, was an IOU. At divorce, a clause was included in the agreement under heading, ''debts'', stating ''the parties shall equally share the net proceeds [of sale of house], after paying off the credit card debt attributable to marital debt, ..., and the loan amount of $XX,XXX to wife's mother.'' Second paragraph says ''Each party will be responsible for his or her debts and obligations after the execution of this agreement.'' $$ owed wife's mother is based on the 2 IOUs. There were no proceeds after paying 99% of the credit card debt, and my ex is asking for my half of $$ for her mother. I do not have copies of the IOUs, and do not recall the precise wording. I have asked for copies, and her lawyer says, ''..the $XX,XXX debt to XXXX's mother is acknowledged in the Final Judgement of Divorce, and no further proof is necessary.'' I think there may be some wording therein that might affect the amount due, or the manner of payment. Do I have a right to copies of the IOUs prior to commencing payment? (I used XXs to protect identity).
Thanks.
3 Answers from Attorneys
Re: IOU and divorce agreement
The issue of the "debt" to the mother-in-law should have been litigated in
the divorce. You only have recourse if there was not a specific reference to what was owed to the mother-in-law
or the amount of same. If you agreed in the divorce that you owed the mother-in-law a specific amount of money which had to be paid from the marital estate you are stuck with that.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: IOU and divorce agreement
I have read what the other attorneys have said.
You really need to get some assistance from an attorney. I suggest you find an experienced divorce attorney (this is a divorce type problem) who is not too far from you, and ask the attorney for assistance. You will have to pay the attorney for the attorney's efforts.
There is a lot at stake. Get a lawyer!
Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.
Re: IOU and divorce agreement
I just want to second (or third) what the other attorneys said. I suggest getting an attorney to look over all of this to make heads or tails of it all.
My initial consultations are always free, so call me at 732/247/3340 to discuss your case.
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