Am I responsible to pay back bond money regarding a company that was in my name but run by my ex-husband?

My ex-husband and I open a construction business when we were married. Due to his bad credit/history, we put the business under my name. I went to school and worked at a different job, so my ex ran the business. When we

separated he wrote a document confirming that he was the one who was responsible for the business because I was in school and knew nothing about the construction business. We got divorced and later I found out that the business got sued for a breach of contract and I got a judgment in my name. The bond company paid the bond amount. Now the bond company is suing for the amount they paid. Since both my ex and I were on the bond application, does the amount get split 50/50 for each?

Asked on August 13, 2018 under Business Law, Washington

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Yes, you are responsible if you applied for and signed for the bond, and also because you owed the company. The bond company can sue either or both of you: you are each responsible in full to the bond copmany, so it can recover the money from either of that it wants (or whom it looks more likely to get the money from). You do have the right to sue your ex for his share of the bond if you end up paying more than your fair share.


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