Full question:
My son and his wife recently got divorced. Prior to that I lent my son $44000.00 He repaid his half, according to court documents his ex-wife is liable for the other half. My son has to pay several thousands of dollars due to her from his stock options. I don't believe I will ever see this money from his ex unless I take action. What are my options?
- Category: Contracts
- Subcategory: Breach of Contract
- Date:
- State: New York
Answer:
If your son’s ex-wife is liable for half of the $44,000 loan, you may have legal options to recover that amount. A breach of contract claim could be appropriate if she fails to repay. Here are some key remedies you might pursue:
1. **Money damages**: This involves seeking compensation for the financial loss you incurred due to the breach of contract.
2. **Restitution**: This remedy aims to return you to the position you were in before the contract, which may involve recovering the money you lent.
3. **Rescission**: This remedy cancels the contract, relieving both parties of their obligations.
4. **Specific performance**: This is a court order requiring the ex-wife to fulfill her obligations under the contract, but it's only available if monetary damages are insufficient.
5. **Promissory estoppel**: If you relied on her promise to repay and suffered harm as a result, this legal principle may allow you to enforce the agreement.
To proceed, consider consulting with a lawyer who can assess your specific situation and help you determine the best course of action.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.