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I have a question about equitable distribution in North

Customer Question
Hi Pearl, I have...

Hi Pearl, I have a question about equitable distribution in North Carolina.

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'm not seeking a divorce at this time, I just need to know if something we're about to sign will make me liable for debt that my husband has incurred.

Lawyer's Assistant: Because family law varies from place to place, can you tell me what state this is in?

North Carolina

Submitted: 8 months ago.Category: Family Law
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6/20/2017
Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago
FamilyAnswer
FamilyAnswer, Lawyer
Category: Family Law
Satisfied Customers: 29,976
Experience: 10 + years of handling Family Law, Divorce, Child Custody and Child Support cases
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

Good afternoon. Can you please share with me a little more about the situation and what is happening?

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Customer reply replied 8 months ago
Good Afternoon. My husband inherited a few investment accounts when his mother passed away and he has taken a $90k loan against one of those accounts for both personal use and household use (repairs, renovations). We are talking about refinancing our mortgage and he would like to roll this loan into our mortgage. It's my understanding that the inheritance is solely his property, even in a divorce. However, if we pay off his loan and roll it into our mortgage, do I become liable for that debt?
Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

Thank you for the reply. You are correct, in regard to the inheritance and they belonging to him and being a non-martial asset, in the event of divorce, as long as the funds are kept separate and not commingled. However, if you take this loan and it is used for the home and personal use and you both benefited from it, you could be liable, in the event of default. If you pay off his loan and roll it into the mortgage, you could be liable for it as well since you are agreeing to do this, knowing that the money will be used for his debt and to pay it off.

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Customer reply replied 8 months ago
If we use the mortgage to pay his loan, is that considered comingling & would it make the inherited investment account marital property?
Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

What was the loan taken for and used for to begin with? I ask because if there was money in this account, why was be borrowing against it?

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Customer reply replied 8 months ago
There is money in a Cash Management Account (CMA) and the bank allows for a Loan Management Account (LMA) which uses the CMA as collateral. Whenever his income was short (he has his own business), he would write himself a check from the LMA. I don't think you can withdraw directly from the CMA. I'm not sure though, because I have no access to those accounts.
Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

The fact that he may have borrowed against this, would not likely amount to an action which would make the inherited account and joint/shared marital asset, since it remained in his name and nothing was ever withdrawn from it. Now, the borrowed money against it, which may have been used for martial things, would give you a right to those but you may not succeed on trying to claim a share to the inheritance. As such, you do need to be aware that if you refinance the home and use some of the proceeds to pay off his loan, you can be liable for the debt.

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Customer reply replied 8 months ago
basically, by adding this to our joint mortgage, I'm taking on $90k in debt so that he can deposit $90k into his own account.To further complicate things, the home we purchased was his mother's, so he and his sister split the equity and we applied for a loan for the amount that was left on the mortgage. I don't know how or if that factors into things. I do know that he would want to keep the house. That is fine with me, but I would want to receive half the value of the home, if we were to divorce.
Customer reply replied 8 months ago
If he added my name to the accounts, would that make them marital property?
Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

Yes, it would. If he added you and gave you a shared interest to it, it would then make them martial assets/property

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Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

Now, with the home, if you purchased it during the marriage, it would be a martial asset and you would be entitled to a share of the equity.

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Family Lawyer: FamilyAnswer, Lawyer replied 8 months ago

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