Legal Question in Real Estate Law in Missouri

Re: Dividing our business and personal in a divorce

In a divorce, all assets and liabilities will need to be divided. Although he is likely to retain the business you are entitled to at least 50% of the value of the business. In the division process he will likely end up with all of the debt or at least indemnifying you on the loan. Feel free to contact me I can help, I have 33 years of divorce experience.

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Greg S. Kessler

Re: Dividing our business and personal in a divorce

First of all, if you are represented by legal counsel in your divorce, present this question to your attorney. If you are not represented, you should be. Normally, the lender is not a party to the divorce action and therefore the divorce court can not order the lender to do anything (such as let you off of the loan). Sometimes it is possible to add the lender as a party and obtain a court order, but more often that is not legally possible and the best solution is for the loan to be refinanced. If that is not possible, the divorce court can order one party to pay the debt and hold the other party harmless, but that still leaves both parties liable on the debt. Good luck.