New Spouse Liability for Outstanding Business Loan?

Status
Not open for further replies.

colleen67

New Member
I am getting married in a week. We just received notice from my upcoming spouse's ex-partner that he is defaulting on the loan and closing the business that he pushed him out of a year ago based on another legal technicality of how the business was set up. We have had no knowledge or involvement since and they have tanked the business. Now, his attorney is contacting my fiancee to remind him that the business took out the loan, but that they both signed guaranties and they want him to pay half now. This notice has not yet come from the bank and the bank was immediatlely contacted when the "push out" occurred based on ownership rights. My main question is that if the bank does come after my spouse once we are married, can they come after my assets and income too even though the loan was initiated prior to the marriage?
 
You probably want to make sure that you don't commingle your assets, e.g. get a joint bank account. Keep your property in your name. The creditors cannot come after you just because you are married to someone who is a debtor. This is not your debt.
 
Status
Not open for further replies.
Back
Top