Legal Question in Real Estate Law in New Jersey

If a HELOC is taken out in the husbands name ,using a house that is co-owned by husband and wife , in the event of a divorce is just the husband responsible for the outstanding balance on the heloc? I applied for a heloc with my wife, but her credit score prevented us from getting the loan. I just dont want to get stuck down the road in the event of a divorce. thanks


Asked on 10/28/13, 11:30 am

2 Answers from Attorneys

Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

Any debt used for the marrige will generally be split 50/50

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Answered on 10/28/13, 11:36 am
Robert Davies The Davies Law Firm, P.A.

If you get divorced, then you very likely will NOT be stuck paying the whole thing yourself, it very likely will be split. Exactly what will happen will depend on a lot of things, your entire situation. If you want to talk to a divorce lawyer, call me and come in and see me. no charge for the consultation.

I can explain things in detail in person after we talk. I will explain what legal issues I see, and what I can do to assist you.

This will be a free consultation. After we talk, you can decide what you would like to do.

Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.

Robert Davies, Esq. 201-820-3460

The Davies Law Firm, P.A.

45 Essex Street, Suite 3 West

Hackensack New Jersey 07601

Phone: 201-820-3459

Fax: 201-820-3461

Email: [email protected]

Website: AttorneyRobertDavies.com

AND NOW THE DISCLAIMER:

Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.

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Answered on 10/28/13, 11:42 am


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