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mmdesq
mmdesq, Family Law Attorney
Category: Family Law
Satisfied Customers: 518
Experience:  Attorney with 13 years experience.
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Question was how is a personal loan viewed in equitable

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Question was how is a personal loan viewed in equitable distribution.

Good Afternoon:

Welcome to JA!

I will try to best answer your question.

If the loan was taken out after the date of marriage and before the date of separation it is considered marital debt subject to division between the parties. It is treated just like an asset. This is assuming that the proceeds of the personal loan were used for marital purposes.

I hope that this information is helpful and I wish you the best of luck.

Customer: replied 7 months ago.
Thank You, ***** ***** a unsecured loan and used for the purchase, in part, of the primary residence. What rule or statute supports this. The party was my associate and I continued to make payments till paid off. We didn't draw up a note...I do have checks and a final payment voucher. They aren't recognizing it

What specific court is the matter pending in?

If the otherside wont recognize it you may have to litigate that issue.

Customer: replied 7 months ago.
Apologize for delay, family court, divorce> equitable distribution. Can I supply the master with the proof of loan, checks etc. even spouse signed payment checks to private lender. Will the master give me that credit? Litigation has me tapped out financially.

Yes, you can supply evidence of the alleged loan. Good evidence is proof the other party provided monies to you. This can be done through bank records. The next is proof of payments back to the person you borrowed from. If you have proof of payments via check signed by Wife that is very good evidence as she will have to explain why she was providing this money if it was not a repayment of the loan.

Customer: replied 7 months ago.
I'm clear, opposing council is trying to minimize and create a sway with Judge about my contributions throughout the years married and even separated. I'm not objecting or arguing to drag things out, I'm just going to the Master and giving him the proof. Is that naive of me? The proof shows me the good guy so I'm basically counting on what his decision is. Is the Master swayed by transcripts or cheap unproven dirty talk from opposing council. Can the Judge influence the Master decision?

The master should review the facts. Cheap statements without evidence or basis in fact is nothing more than an opinion. Everyone has an opinion but courts are supposed to rely upon facts and evidence first where available and presented.

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