Husband's Debt

[zamigail]

What is the name of your state? Florida
Husband is likely to be sued for $12,000 bad debt incurred before we met and which I had no knowledge of. We have been married 6 years and all assets are in my name and were paid for by me including house which is paid for, automobiles etc. All investments in my name except for a $7000 IRA that is in his name. We have a post-nuptual agreement stating that he has no claim on my assets. How much can a creditor expect to take from his $1400 a month take home pay??? Are my assets safe???

 

[Debt Guy]

In FL, wages for the head of household is fully exempt. Otherwise, 75% of after tax pay is exempt.

Head of household means at least 51% of the income for the household.

After tax pay is gross pay less fed and state taxes and FICA. Take home pay has nothing to do with anything.

My opinion is that your assets cannot be attached by a creditor. Also, his IRA is an exempt asset. But, if you have significant assets, it would sure be worth hiring an attorney to make sure everything was done correctly.

 

[Ladynred]

FL is NOT a community property state. No creditor can touch YOUR assets for HIS debts. However, if you have any joint bank accounts, get his name OFF them ASAP, or they'll drain them dry and you'll have a helluva time getting YOUR portion of the money back.