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  #1  
Old 01-15-2007, 05:54 PM
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Responsible for his debt?

What is the name of your state? NJ
I have been married for 2 yrs my husband owns or will own (I dont know the legal state that it is in his parents are still on the tax bills and must co-sign any loans he gets) a farm which has been in his family for many years about a year ago his parents signed papers stating that the property will be legally his (my name is not on the farm) when they pass away, (so we would not have to fight siblings). He has since left me and went to live at the farm. I reside at a home that I purchased 4 yrs ago. He is currently trying to obtain a substantial loan to operate the farm. My question is if he does obtain the loan will I be legally responsible for the loan since we are married? If so is there any way that I can prevent him from obligating me?
  #2  
Old 01-15-2007, 06:14 PM
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Is the farm being operated under a business entity? A Corporation or LLC? Is the loan to the entity or to him personally?
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  #3  
Old 01-15-2007, 06:27 PM
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Posts: 41,421
Quote:
Originally Posted by KDIBBY View Post
What is the name of your state? NJ
I have been married for 2 yrs my husband owns or will own (I dont know the legal state that it is in his parents are still on the tax bills and must co-sign any loans he gets) a farm which has been in his family for many years about a year ago his parents signed papers stating that the property will be legally his (my name is not on the farm) when they pass away, (so we would not have to fight siblings). He has since left me and went to live at the farm. I reside at a home that I purchased 4 yrs ago. He is currently trying to obtain a substantial loan to operate the farm. My question is if he does obtain the loan will I be legally responsible for the loan since we are married? If so is there any way that I can prevent him from obligating me?
Consult a local attorney ASAP...however, since the farm would be separate property (if its even your husband's property at all at this point) any debt related to the property should also be separate.

However, again, consult a local attorneyl
  #4  
Old 01-15-2007, 08:15 PM
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The farm is being operated as a sole proprietorship and the loan would be a personal loan
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