Diviorced three years. No distribution of assets/liabilities

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Latest post Wed, Mar 22 2017 2:49 AM by flawsch. 5 replies.
  • Tue, Mar 14 2017 4:23 PM

    • BearBear16
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    • FL
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    Diviorced three years. No distribution of assets/liabilities

    My divorce was final almost three years ago, but there's never been a distribution of assets and liabilities. I assumed responsibility of our martial rental properties and my ex took control of our retail business. 

    I am in need of funds to keep the rentals from going into foreclosure, and my name is still on the retail business account. Am I able to take funds from the retail business account to pay towards these properties?

  • Tue, Mar 14 2017 4:46 PM In reply to

    Re: Diviorced three years. No distribution of assets/liabilities

    BearBear16:
    My divorce was final almost three years ago, but there's never been a distribution of assets and liabilities.

    Why not?  Does your divorce decree say anything about the division of marital property?  If not, why not?

     

    BearBear16:
    I assumed responsibility of our martial rental properties and my ex took control of our retail business.

    Did this just happen, or was it pursuant to the terms of the decree or some formal agreement?

     

    BearBear16:
    Am I able to take funds from the retail business account to pay towards these properties?

    We have no way of knowing what you're able to do.  You didn't tell us if this is an account in your and your ex's names or a corporate account or an LLC account.  You didn't tell us if you're a signatory on the account.  Etc., etc.

    I suggest you call the lawyer who represented you in the divorce to discuss this.  If you didn't have an attorney, you now know why you should have had one and should get one ASAP.

  • Tue, Mar 14 2017 5:16 PM In reply to

    • BearBear16
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    • FL
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    Re: Diviorced three years. No distribution of assets/liabilities

    We bifurcated, and the settlement of assets/liabilities was continued. The case has been drug out ever since.

    I took the rentals, because he didn't want them, and threatened to "let them go back to the bank". The retail business was an endeavor where him, his parents and myself were partners; so, he continued working with his parents after the separation.

    It's a business account, and I am a signer.

    I've been having trouble with my attorney, and I have asked lots of questions to no avail -that's another issue, but also why I'm here.

  • Wed, Mar 15 2017 1:12 PM In reply to

    • Drew
      Consumer
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    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,404

    Re: Diviorced three years. No distribution of assets/liabilities

    I'm also of the why not school..IF there is no agreement or order to the contrary and you still have power of account access.....now a fuss may errupt ..and you need to anticipate same ...just how the rentals are titled and who is on the notes may matter ...and you may have other options and exposure if you are a partner in the rental operations ....but short answer may be ..cash is king ....my,suggestion would be to act swiftly and get whatever is to be,  done 



  • Thu, Mar 16 2017 10:58 AM In reply to

    Re: Diviorced three years. No distribution of assets/liabilities

    BearBear16:
    It's a business account, and I am a signer.

    If you're a signer, then yes, you CAN take money from it.  Whether you SHOULD do that is a completely different question which would require a lot more information to address in any sort of intelligent manner.

  • Wed, Mar 22 2017 2:49 AM In reply to

    • flawsch
      Consumer
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    • Joined on Mon, Mar 20 2017
    • NJ
    • Posts 2

    Re: Diviorced three years. No distribution of assets/liabilities

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