Took out a loan and now likely divorcing, what happens to this unspent loan?

davidz

Hi, a few weeks ago i took out a loan in my own name. I still have all the money now but it looks as if i will be sadly divorcing from my wife.

My question is that does anyone know, will the loan money be considered an asset of the marriage? I obvioulsy did not take the loan out to give half of it away, otherwise i would not have taken on this additional debt.

I hope that any court would consider this a private asset, backed by a private loan.

Your views would be welcome, my only other option is keep quiet, put up with the abuse and pay off my debt, then announce my split.

I'm not trying to be nasty but this is cash i cannot afford to lose.

thank you

-taff

Pay it back and you won't have it as an asset anymore.

davidz

-taff wrote: »

Pay it back and you won't have it as an asset anymore.

But what if i want that money, for lawyers fees, to pay a deposit for a flat etc, cover mortgage payments that the wife won't manage.

i don't want my credit rating wrecked

krlyr

Many solicitors offer half an hour of free advice, if it's a substantial loan then I would seek their professional advice rather than opinions of people online

DCFC79

davidz wrote: »

But what if i want that money, for lawyers fees, to pay a deposit for a flat etc, cover mortgage payments that the wife won't manage.

i don't want my credit rating wrecked

Definitely second it that you get legal advice.

Remember your credit rating is only seen by you and you only.

The credit history is whats important.