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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 111681
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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My husband of almost 10 years is backing s son in a business

Customer Question

My husband of almost 10 years is backing his son in a business venture. I am not supporting this move due to the fact my step son is 33 years old and has bad credit and nothing to put down. My husband said he is going ahead with the loan process without me.. can he do this?
Submitted: 1 year ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What state are you in? Is your husband using separate funds or marital funds?
Customer: replied 1 year ago.
We live in Washington state and he is taking our of business line of credit and the rest will be purchasing materials and vehicles through dealerships. So, I am assuming it will be a bank loan.
Customer: replied 1 year ago.
taking out a business" line of credit
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
I am afraid that there is no legal recourse you have other than signing an affidavit with the bank that this is not a community property debt and your husband is separately liable for the debt and you have no interest in the loan. Most banks upon seeing this will refuse the loan of course.
The only other thing you can do if you cannot convince him to not sign the loan is go to a local attorney to file for a separate property regime, which is an ante nuptial agreement where they separate your community property, meaning now all of your marital property would be separated into your property and his property and as the loan would be a separate loan, only his separate property could be impacted by any default on the loan and your property would be safe from any type of judgments if the loan defaults.
The other option in the interest of marital harmony would be to insist that you create a marital irrevocable trust and put ALL of your community assets in that trust. In doing so, you would not be liable for the separate loan in case of default AND your property that is in the irrevocable trust would not be able to be attached for any default on this loan, so you and your property are both protected.
These are really your only options in this type of case if he insists on doing this.