I live in NY and have been married for 23 years. We have just started proceedings for a divorce, and I found out that my soon ex to be taken out a second mortgage on the equity of our house (yes, I signed because he told me he was refinancing). Am I entitled to 1/2, and should that be put into the divorce agreement?
If the money is still liquid ( sitting in a joint account ), you should make sure your spouse cannot withdraw it without your consent. The best thing would be to divide it now before it “disappears.”
If it has been spent on marital matters, such as home renovations, college tuitionyou’re your child, a family car, etc., you have no claim to it. If it was spent on his personal vacation trip to Hawaii with his “buddies,” you may have a legitimate claim for half the proceeds.
Leonard M. Weiner, Esq./Divorce Solutions