What is my husband’s liability for my debts?

Get Legal Help Today

 Secured with SHA-256 Encryption

What is my husband’s liability for my debts?

I own a mobile home with land in my name. I have been trying to sell but I owe more than it’s worth. My husband wants to buy another home in his name. If we buy another home in his name and try to rent and are unable to and can’t pay the mortgage on the mobile home can I do a short sale? Will they try to make my husband pay if it’s not in his name. Not sure what my options are?

Asked on April 12, 2012 under Real Estate Law, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am going to assume here that the land and the mobile home were purchased prior to marriage and are separate property.  Now, anthing that is purchased during the marriage with marital funds (and money eared during the marriage or money that has become marital since the marriage such as co mingled funds) is marital property regardless of whose name it is in.  Will a creditor be able to attach it if it is in your husband's name only?  Maybe.  Maybe not.  A short sale may be a good idea but you need to make sure that the bank waives any "deficiency" - the amount owed after the sale on the mortgage.  I can not tellyou how to circumvent the law and your obligations.  But you can structure the new property to protect it and you from creditors.  Do so with an attorney in your area.  Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption