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Looking on how to protect my house and assets if i need to…

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Looking for info on how to protect my house and assets if i need to sign a personal guarantee on a commercial lease

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So i have a LLC and we are looking to open a location where they want me to sign a personal guarantee. i am married and they only are requiring me to sign the guarantee and not my wife. if i sign it, and were to default can they seize my assets (house) if it is in my wife and my name? and can they garnish wages as I work a corporate job as well?

Submitted: 2 years ago.Category: Real Estate Law
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Customer reply replied 2 years ago
i am in north carolina by the way.
Answered in 11 minutes by:
2/16/2016
Real Estate Lawyer: Asad Rahman, Lawyer replied 2 years ago
Asad Rahman
Asad Rahman, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
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Your house would be protected up to any homestead exemption allowable by the state. I believe that is $35,000. Many people put their home and personal assets in a living trust as a way to protect those assets. They can only go after the assets after the LLC defaults and after filing suit against you and winning. so you have the ability to fight the lawsuit. However, I would suggest talking to a local estate planning attorney about setting up a living trust. Now that you are running your own LLC, it may be prudent to protect your personal assets in case the LLC loses a lawsuit against a customer, vendor, or other party it does business with.

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Customer reply replied 2 years ago
is it true though that if my wife did not sign the guarantee and the home is in both of our names, they cannot take or leverage the house in any way?
Real Estate Lawyer: Asad Rahman, Lawyer replied 2 years ago

That would prevent them from foreclosing on the house but they could put a lien on it most likely.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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