If I co-sign a loan for a friend and I’m married, does my signing have anything to do with my husband?

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If I co-sign a loan for a friend and I’m married, does my signing have anything to do with my husband?

Would my husband have to be involved? Can I just be liable? Do I need him to co-sign as well?

Asked on December 2, 2011 under Business Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you co-sign a loan for a friend and if she does not pay on the loan, you will be responsible for paying on it. If you cannot afford to pay on the loan that you co-sign and if your friend defaults on the loan, you could be sued for the contract that you entered into.

Assuming this happens and you lose the lawsuit and a judgment is entered against you, one-half of your marital assets acquired during your marriage could be subject to a levy by the udgment creditor to pay off the judgment. I suggest that you consult with a business attorney about the pros and cons of co-signing the loan that you have written about before you do so.


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