If my husband is a partner with a friend in an LLC and borrowed money for the business, am I liable for that money in a divorce?
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If my husband is a partner with a friend in an LLC and borrowed money for the business, am I liable for that money in a divorce?
Asked on January 16, 2019 under Family Law, Maryland
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Unless you co-signed for the loan or in some other way agree to be held liable for this debt, then you bear no legal responsibility for its repayment. In a community property state youmight be held liable but not in MD which is an equtable distribution state.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Your state is not one of the "community property" states where any debts incurred by either spouse during marriage become debts of both spouses (joint or "community" debts). Therefore, you would not be liable for the money your husband borrowed, unless you co-signed or guaranteed the debt.
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