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Linda Roch
Linda Roch, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1297
Experience:  Bankruptcy Attorney
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My husband has been involved with two businesses that have

Resolved Question:

My husband has been involved with two businesses that have gone bankrupt. He is now seeking to set up a new company as an LLC. As his wife, he told me I have to sign papers saying that this is all okay with me to start this business. I'm not enthusiastic about this at all because I've been dragged through the other two bankruptcies. Is there anything I can do short of divorcing him to protect myself? I am a teacher and have four more years before I retire. I don't make much money (I'm not in a union) and I feel this is so risky because once I retire there is no steady paycheck. (He's been out of work for a year.) What are your suggestions?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Linda Roch replied 4 years ago.

Unfortunately, because you are in California, which is a community property state, any debt that is taken on by your spouse is also considered your debt within a marriage. Thus, the only options you have are to either divorce or to move to a state that is not a community property state, so that all of his debt only stays his debt, even if you are married.

 

There are only 9 states in the United States that are community property:

 

  • Arizona
  • California
  • Idaho
  • Louisiana
  • Nevada
  • New Mexico
  • Texas
  • Washington
  • Wisconsin
  •  

    Another option you have is to have a post-nuptial agreement drawn up that says that any debt that he acquires is only his debt and not both of your debts. A family attorney can draw one up for you so that if any creditors come after you for any debt, this document should protect you.

    Linda Roch, Attorney
    Category: Bankruptcy Law
    Satisfied Customers: 1297
    Experience: Bankruptcy Attorney
    Linda Roch and 2 other Bankruptcy Law Specialists are ready to help you

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