Financial obligations or responsibilities


#1

Hi,
What is my responsibility towards the financial decisions that my husband may be making. For example business loans or credit lines, business credit cards and personal credit cards?
Especially, I disagree with the kind of decisions that is being made and the amounts of money that is owed due to these decisions?
My husband tells me " the business is responsible ". I am concerned because banks do not lend money without assets to guarantee these loans. Could I be at risk for losing the home that we (children and us ) live in?
I will be grateful if you clarify the NC law. How can I protect myself and my children (3) ?


#2

If you are currently still living together and have not separated, then you could be responsible for any debt acquired during the marriage and which was for the joint benefit of the spouses. Depending on how the business is organized, you and your husband could be responsible for the business debt if the business was unable to pay it.

If you are already separated, then, for family law purposes, any debt that your husband acquires would be his separate debt and only he would be responsible for it.

If you and your husband own your home as tenants by the entireties (you do if both names are on the deed and you purchased the home while married), then creditors other than the mortgage lender cannot come after your home to satisfy other debts.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

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