Posted on: 19th Nov, 2010 06:16 am
Hello,
We have some major loans made during the years of marriage, home & business. He just removed my name from the business bank account. I am not part owner of the business, so I understand he is able to do so legally.
My fear is that if he were to die during this period then I will be responsible for all those loan notes etc etc.
How can I have my name removed from these loan agreements.
I have not yet filed for divorce and I am afraid that he is moving along removing my name from many documents without my knowing, perhaps the Life Insurance as well.
Is he able to also remove my name from the will.
With a Will am I able to claim the proceeds of the business in the event he dies during the process of divorce.
It is a scary world out there.....
Thanks
We have some major loans made during the years of marriage, home & business. He just removed my name from the business bank account. I am not part owner of the business, so I understand he is able to do so legally.
My fear is that if he were to die during this period then I will be responsible for all those loan notes etc etc.
How can I have my name removed from these loan agreements.
I have not yet filed for divorce and I am afraid that he is moving along removing my name from many documents without my knowing, perhaps the Life Insurance as well.
Is he able to also remove my name from the will.
With a Will am I able to claim the proceeds of the business in the event he dies during the process of divorce.
It is a scary world out there.....
Thanks
Hi yvette.solomon,
Welcome to Mortgage fit,
If you are concerned about the business loan,let me ask you which type of firm is this whether proprietor,partnership,private inc or public inc.....If business is registered as private inc. or public inc. then liability of the loan is limited and thus you won't be held completely responsible and will be responsible for the limited share holding amount....this is the same case with public inc....
But if the business is registered as a proprietor/partnership then surely the responsibility of the repayment lies with the proprietor for full amount....
If you are not registered as a legal partner in the business you won't be liable for the repayment...
As far as home mortgage is concerned if your name is mentioned in the mortgage then only you are responsible for the repayment...You haven't specified your state of residence and thus I am not in position to advice properly on the mortgage related query because laws changes from state to state....
Feel free to ask any further query if you have.........
DIPA
Welcome to Mortgage fit,
If you are concerned about the business loan,let me ask you which type of firm is this whether proprietor,partnership,private inc or public inc.....If business is registered as private inc. or public inc. then liability of the loan is limited and thus you won't be held completely responsible and will be responsible for the limited share holding amount....this is the same case with public inc....
But if the business is registered as a proprietor/partnership then surely the responsibility of the repayment lies with the proprietor for full amount....
If you are not registered as a legal partner in the business you won't be liable for the repayment...
As far as home mortgage is concerned if your name is mentioned in the mortgage then only you are responsible for the repayment...You haven't specified your state of residence and thus I am not in position to advice properly on the mortgage related query because laws changes from state to state....
Feel free to ask any further query if you have.........
DIPA