Q: Filled for divorce a year ago, still in process, am I responsible for 401b loan if my husband takes out a over 50% loan?
He lost his job that is why he is taking a loan. I am not opposed it is his 401b but i have to sign something since it is over 50%. I am not opposed to it but I do not want to be responsible to pay it back if he can not find a job to pay it back since our divorce is not finalized. He is unresponsive to all court hearing and divorce paperwork.
A:
In California, assets acquired during a marriage are typically considered community property, which means both spouses share equal ownership. If your husband is taking a loan from his 401(k) during the divorce process, it might impact the division of that asset. If you sign consent for the loan, it's essential to clarify, preferably in writing, that you're not assuming responsibility for the repayment of that loan.
However, depending on how assets and debts are divided in the final divorce decree, you may indirectly bear some responsibility. If your husband remains unresponsive to court proceedings, the court might make decisions in his absence.
It's crucial to consult directly with an attorney handling your divorce to ensure that any consent you provide does not inadvertently make you liable for the loan. Always get any agreements or understandings in writing. Protecting your interests in this situation is of paramount importance.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
