I am getting a divorce and my soon to be ex-husband has a small business that has not been doing well. He owes money to the bank, IRS, credit cards, and has a judgment for a few thousand dollars. I took money out of our account, but I am afraid to open a new account because a friend told me that creditors can take it. Is that true? Is there any way that I can open an account that has no possibility of the money being taken out by these creditors?
What we don't know is whether or not you are obligated on the business debt. Are you on the bank accounts, are you involved in the business, and do you reside in a state where your spouse's debts are your debts (community property)? There are nine community property states, but the laws for each are not necessarily the same.
The bottom line is, you should have an attorney for your divorce, and you should consult with them as to what your liabilities are, and remember, that even though you and your ex-spouse may agree who is required to pay a debt, so long as you have an obligation with the creditor, you are still liable. The spouse who doesn't pay an agreed debt may have problems with the court, but you still have a debt to pay.
FYI, the community property states are:
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin
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What we don't know is whether or not you are obligated on the business debt. Are you on the bank accounts, are you involved in the business, and do you reside in a state where your spouse's debts are your debts (community property)? There are nine community property states, but the laws for each are not necessarily the same.