Spouses business debt

[Snlegaladvice01]

Hawaii: my husbands business, that he had before I met him incures debt year after year. As his spouse, can I be held responsible for his business debt?

 

[Ohiogal]

Hawaii: my husbands business, that he had before I met him incures debt year after year. As his spouse, can I be held responsible for his business debt?

What kind of business? Corporation, sole proprietorship? How much profit does the business make? If none, then it really isn't a viable business and he needs to get a job.

 

[LdiJ]

Hawaii: my husbands business, that he had before I met him incures debt year after year. As his spouse, can I be held responsible for his business debt?

Generally you cannot be held personally liable for any debts you did not enter into. However, joint assets could be at risk. Real estate owned jointly, investments owned jointly or joint bank accounts are examples of things that could be at risk. If you are worried about it you should avoid owning anything jointly.

 

[Ohiogal]

Generally you cannot be held personally liable for any debts you did not enter into. However, joint assets could be at risk. Real estate owned jointly, investments owned jointly or joint bank accounts are examples of things that could be at risk. If you are worried about it you should avoid owning anything jointly.

If this is a sole proprietorship, she could find that it is MARITAL debt upon divorce...