Thank YouMy spouse of 24 years is divorcing me. He owns 3 corporations in heavy debt.Will have to pay this?
Get a lawyer. A reputable lawyer will talk with you free of charge about the basics of your situation. If you decide to have that lawyer represent you, then they usually work with you to accept a small retainer up-front and pay off the total bill over time or out of the divorce settlement. If your husband is the one seeking the divorce, he will probably try to get as much for himself with no concern for you. And he probably already has a lawyer. Get a lawyer and let that lawyer negotiate with your husband's lawyer. The important thing for you to understand is that your lawyer will represent YOUR interests, plus the lawyer has all the insights into divorce and corporate law, and can best argue in your favor. A friend of mine had to deal with her husband's bankruptcy over many years .... her name was never on his papers of incorporation, so she was never liable for his indebtedness. Again, a lawyer is the best person to advise you on what the law says and how to proceed with a divorce. The worst thing you can do is to try and handle this on your own. Don't let your husband talk you out of getting a lawyer and don't worry about your lack of funds to retain a lawyer. Get a lawyer as soon as possible.My spouse of 24 years is divorcing me. He owns 3 corporations in heavy debt.Will have to pay this?
As long as you do not ask for a partial owner ship to be bought out in the divorce, then no. At least not in our state.
Look in your phone book for a lawyer referral service, most times the lawyers listed will give you 15 or 20 minutes for a nominal fee, our is $20.00 for 15 minutes.
Take a pen and paper take notes and take a list of questions so you don't forget any, they can at least advise you on protecting yourself.
A girl friend had the same thing happen after 23 years of marriage, she let her husband keep the business, so she did not have the responsibility to pay off the debts, but he still had to pay her alimony ( a surprising large amount with no kids at home) He had to pay her for her half of their home, and since he gets a yearly check because he is 1/2 Cherokee Indian, from the Tribal gambling profits, he has to give her a portion of that. And she was caught with his best friend! (he got screwed!)
A coproration is a ';person,'; under the law and is separate and distinct from you and your husband. Unless you are an officer or director of the company you are not responsible for their debts or their actions. This is what is meant when people say they are incorporating so they can limit their liability. The exception to this rule is if there was fraud or other illegal activities associated with this company. If so, then all bets are off and the corporate veil will be pierced and your husband's assets and consequently yours will be exposed.
More than likely you will be held accountable for the debt. You may be able to get out of it in the divorce settlement.
You should qualify for a reduced or free lawyer. Or you can get one, pay a retainer and pay the bill over time (that's what my sister did). You really need a lawyer to look out for your interests or you could get roayally reamed.
You need to hire a lawyer it is important especially if a high amount of debt and money and assets are at hand.
Divorces are like this:
debt and money gets split 50/50
unless specified different
No comments:
Post a Comment