Buy Bulk REOs Non Performing Real Estate and Notes for GREAT DISCOUNTS Now!

You can write the promissory note yourself making sure that you state all the vital info: name, date, interest rate, amount owed, land holdings to be used as collateral, when payment is expected in full, etc. Make sure it is very clear and concise with no loop holes. Then get it notarized (usually done for free or little cost) at a local bank. The notarization makes it legal in the court system so if he doesn’t pay you, you can go after him for it.
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You are making the assumption that your husband will actually sign said note. If you are heading towards "Splitsville" as you say, chances are he is not signing anything. He can also easily say those monies were just used during the course of the marriage for the upkeep of the marriage without any expectation or discussion of repayment, since no loan existed. I could go on, but I seriously suggest you speak with an attorney.
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Check the topic online–or visit your local library. There are many samples in library books. BUT–and a word of caution–you need to have an attorney look it over when you are through. If it is not executed correctly, you might as well write it with vanishing ink…it will not be enforceable.

You can get an attorney to look one over for about $50. We did this, and he added some clauses we did not think about. You really need to do that if he is signing over property as collateral as well. Also, how do you collect the money if he dies? Answer–he will need a life insurance policy–with you as the sole beneficiary–for the length of the note payable in full if he dies. YOU should receive a copy of the paid policy every year to ensure it is still in force–with the coverage amount declining as the bill is repaid.

IF you do get him to go along with a promissory note that you jointly create and the attorney has blessed, be sure to go to your bank and have it notarized–2 copies–give him one, and you put the other in a safe deposit box–along with a copy of the insurance policy–that you have rented and keep the only key.

It’s more complicated than you think–and you probably WILL need to study up–then ask an attorney to look at it and suggest changes when you are both present so everyone is on board.

Oh, and you also need to reconsider that this arrangement is included in the divorce decree–or it could end up being part of yet ANOTHER divorce settlement down the road.
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Since it has to be registered anyway u may want to go to that dept and ask info about costs
Also there are sites with free legal advice
U may also talk to a cpa about taxes to be paid

Best thing to do with property is to put it into a corporation
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Just found your site while browsing on yahoo for some paralegal degree online information. Really good posts and comments, looks like a lively community. Thanks for the input.

Hey could I quote some of the material found in this post if I link back to you?
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Yes you may.
As long as you link back to this site.

Thanks
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