Can I Be Protected From My Spouse’s Business Debt?
It’s a common concern amongst both husbands and wives that a failing business could impact them personally. If your spouse has considerable business debt , you may be asking yourself how this impacts you. It’s important to understand how business debt works in general and also how debt works in a marriage and divorce. When your spouse’s ( the same goes for both husbands and wives ) business is failing it is a reasonable concern that these debts could affect the household detrimentally. As we’ll cover in this article, you are free from liability in most cases. Here’s what you need to know. Debt and Marriage In Florida In Florida, you are not responsible for your business debts incurred prior to the marriage. Typically, debts incurred before marriage are considered non-marital property and you would not be liable for them. Attorney Marquez Kelly can explain all the potential debts you’ll be responsible for in your divorce. When Will A Spouse Be Liable for Business Debts?