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How is the situation changed if my wife has to give a personal

Customer Question
guarantee on a commercial lease...
How is the situation changed if my wife has to give a personal guarantee on a commercial lease. Would this be classed as a potential Marital or Family debt?
Submitted: 6 years ago.Category: Family Law
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Answered in 13 minutes by:
4/1/2011
Family Lawyer: Legalease, Lawyer replied 6 years ago
Legalease
Legalease, Lawyer
Category: Family Law
Satisfied Customers: 16,388
Experience: 13 years experience, divorce & custody issues, protective orders, child abuse issues
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No, a commercial lease is not considered family, household or marital debt so even if the building owner names the spouse of the person entering into the lease in a lawsuit, the building owner will not be able to touch anything that is in the name of the spouse that does not sign the lease. Typically, a building owner will TRY to bring in the other spouse and their assets in this type of situation, but they generally do not get anywhere with such a suit. It will not be hard for her to show that the commercial lease debt was for commercial purposes only, but she should be careful with her personal credit cards -- if she mixes them in with using them for business purposes, that is when it gets harder for a court to parcel out what items on the credit card are for personal debt and what items on the credit card are for business debt.

 

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Customer reply replied 6 years ago
Mary at the moment I would very much appreciate if you could refer me to the asset protection lawyer you mentioned when we spoke. I have misplaced his details.
Thank you so much.
Lance
Family Lawyer: Legalease, Lawyer replied 6 years ago

Lance

 

I went back through our prior question and answer situation and I don't think I spoke to you about a specific asset protection lawyer here on Just Answer (perhaps you spoke with another lawyer who mentioned it?) In any event, we are not permitted to give referrals to specific lawyers (I am not holding out on you anyway because I do not know anyone personally in Southern CA). My suggestion is to call your local county bar association and ask for a referral to someone who can assist you with these issues (they have a referral service -- you want someone familiar with business law as well as family law (marital assets)). The bar association should be able to refer you to several lawyers and you can speak with them directly and decide what you want to do from there.

 

--MARY

 

 

Please press the GREEN ACCEPT BUTTON so I will be paid for my time. I have not yet been paid for this question -- and pressing accept will not cost you additional money -- it simply acts as a trigger for Just Answer to pay me for the time I have spent on this. THANK YOU !

 

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Legalease
Legalease
Legalease, Lawyer
Category: Family Law
Satisfied Customers: 16,388
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Experience: 13 years experience, divorce & custody issues, protective orders, child abuse issues

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