Legal Question in Family Law in Washington
The sell of a home while still married
I am married. My husband and I are selling a home in Washington state, we live in Illinois. Unbeknownst to me, my husband took a personal loan from an individual(not a bank or lending agency), to pay off a potential foreclosure on the home. The home is now current. If I were to divorce, am I entitled to half of the equity in the home, or am I also resonsible for the loan my husband incured to pay off the foreclosure. He states he signed an I.O.U.. I have not seen this document.
1 Answer from Attorneys
Re: The sell of a home while still married
Assuming that the WA home is marital property and that the loan your husband took out to protect the home from foreclosure was reasonable, then you are probably responsible for the loan and you are probably entitled to a portion of the equity you and your husband have in the home.
The actual division of marital assets and debts between you and your husband is up to the court and depends on many factors.
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