mibella1230
Junior Member
What is the name of your state (only U.S. law)? Minnesota
My spouse ownes sole propritorship Snow Removal business. He racked up $80,000 of credit card debt in his/company name. (my name isn't tied to any of it.)
He put his business assets into a seperate LLC that he "owns". (4 trucks, plows, salt spreaders, etc.)
Can the creditors go after the assets in the LLC?
My credit is perfect. We have seperate banking accounts and I have saved enough money to purchase a home. I don't want his creditors to come after my assets. MN is not community property state, so I'm not liable for his credit card debt (please confirm). However, if I purchase a house with the mortgage/loan in my sole name, does the title have to be in his name as well since we're married? Can his creditors put a lien on the home?
If he signs a QuitClaim Deed, will his name come off the title so just my name is on the title? Or does his name remain on the title, but at time of divorce he has no "claim" to the house?
Is that considered fraud of any kind - to move all assets into one spouse's name to protect them from creditors?
Can creditors come after Joint Marital Property - furniture, Electrontics, jewlery, etc.?
I'd feel more protected (and my assets would be safer) if we got a legal divorce (and stay in a relationship) but he won't go this route unless I can show him it's in the best interest to protect assets.
Please help.
My spouse ownes sole propritorship Snow Removal business. He racked up $80,000 of credit card debt in his/company name. (my name isn't tied to any of it.)
He put his business assets into a seperate LLC that he "owns". (4 trucks, plows, salt spreaders, etc.)
Can the creditors go after the assets in the LLC?
My credit is perfect. We have seperate banking accounts and I have saved enough money to purchase a home. I don't want his creditors to come after my assets. MN is not community property state, so I'm not liable for his credit card debt (please confirm). However, if I purchase a house with the mortgage/loan in my sole name, does the title have to be in his name as well since we're married? Can his creditors put a lien on the home?
If he signs a QuitClaim Deed, will his name come off the title so just my name is on the title? Or does his name remain on the title, but at time of divorce he has no "claim" to the house?
Is that considered fraud of any kind - to move all assets into one spouse's name to protect them from creditors?
Can creditors come after Joint Marital Property - furniture, Electrontics, jewlery, etc.?
I'd feel more protected (and my assets would be safer) if we got a legal divorce (and stay in a relationship) but he won't go this route unless I can show him it's in the best interest to protect assets.
Please help.