Can my husband’s creditors come after my assets?
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Can my husband’s creditors come after my assets?
I own a vacation property with 2 siblings. I owned it before my marriage. While married, my husband purchased a commercial property that is in his name only. He has rented the property under a rental agreement with purchase option within 2 years, The renter is running a stripper business and carrying rental property and liability insurance. If the renter is sued for any reason, and the suit named my husband as property owner, can they also come after the vacation home that I own with my siblings, but not with my husband?
Asked on September 11, 2011 under Bankruptcy Law, Pennsylvania
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The general rule is that one spouse is not legally responsible to pay for another spouse's debts; therefore your assets are protected. Exceptions would be if you agreed to be legally obligated for such a debt (not applicable in this case), you reside in a community property state (you don't), or the debt has been incurred or bills that are necessary for the maintenance of the household ( and such is no the case here).
If a judgment is obtained by a creditor against your husband his assets can be garnished. However, this includes jointly held non-exempt assets. So keep as much as you can separate from his (i.e. keep your assets in your name, including bank account to the extent possible).
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