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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
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Experience:  Attorney with experience in family law.
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I currently remarried. We dont have any community assets together.

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I currently remarried. We don't have any community assets together. Now he is planning to buy a business use his own assets. The broker request me to sign a spousal consent I dont have any issue as a spouse to acknowledge my husband to buy a business. But how can I protect my own assets (we don't have any prenups), should I put an extra line there indicate that I don't have any interest & libility for future? What should I do?
Submitted: 1 year ago.
Category: Family Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

My name is XXXXX XXXXX I'd be happy to answer your questions today.

There are a few options in this situation. First, you can put your own assets into a trust, meaning that they would be protected from any claims by creditors of the business. Second, if your husband operates his building as an LLC or a corporation, he would not be personally liable for debts of the business (and neither, by extension, would you). In that scenario, the most important thing that you can do is make sure that all business assets are 100% separate from personal assets. Document everything and keep separate books.

Another option is to ask your husband to sign a post-nuptial agreement where he agrees that, if anything should happen, he gets the business and all debts associated with it. But if you're worried that creditors of the business will go after your personal assets, putting them in a trust is likely a better option. The best thing he can do to avoid liability is to create an LLC or corporation.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.

Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 20499
Experience: Attorney with experience in family law.
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Lucy, Esq.
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Attorney with experience in family law.