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Zachary
Zachary, Attorney
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My husband was in business with a partner. They both signed

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My husband was in business with a partner. They both signed a personal agreement for the lease on the building. A year ago my husband sold his interest back to his partner and his partner sold my husbands half to a new person. The lease company was notified that my husband was no longer part of the business and there was a new partner. We "assumed" my husband would have been taken off the lease and the new partner put on the lease. Since the sale of the business, the business has gone out of business. We received a letter from an attorney representing the leasing company of the store. They say my husband is still responsible for the lease. He was still a signer as a personal guarantee. They may file a law suit agains my husband which could result in additional interest, attorney fees, and court costs. It is a substantial amount of money and my husband does not have this to pay. My question to you. If they take my husband to court and they file a judgement on him, can this judgement go against anything that is titled in his and MY name. I know it will ruin his credit, but will they be able to put judgement on a home that we have in both our names and could keep us from someday selling our home to retire or only titled property in his name only. thank you Cheryl
Submitted: 10 months ago.
Category: Legal
Expert:  Zachary replied 10 months ago.
Hi,

My name is XXXXX XXXXX I will be assisting you with your legal question.

Florida is an equitable distribution state. Thus, the law provides that where your husband incurred a debt in his own name, only he is liable for it. Nevertheless, when you jointly own property, that property is liable to any judgment against your husband on the debt, but only up to your husband's 50% interest. So, for example, if you have real estate which is not your homestead, they can place a lien on the real estate and force a sell and keep 50% of the proceeds. They may also claim 50% of any funds in joint accounts, etc.
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Kind regards,
Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 3927
Experience: Lead trial/International commercial attorney licensed 11 yrs
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