Q: I have about 40K in credit card debt in my name only. I'm married, soon to start divorce process. we own a house togethe
Equity in house is about $100K. but I'm giving up the house to my husband since he's keeping the kids and I won't be paying child support (an agreement between both of us). Can my creditors still come after the house even if it's on my husband's name and we are recently divorced? The debt is only in my name. I'm in California.
A: There are several issues that I see in your inquiry. And questions that arise from the inquiry: Do you have a family law attorney doing your divorce? With creditors looking to be paid, you need to be very careful about how you are proceeding. From what you have indicated, you will be giving up your interest in the equity of the house in exchange for him keeping the house and the kids and you not paying child support. You need to be very careful about that type of transfer of an asset. Are you not planning to pay the creditors? Are you planning to file bankruptcy to get rid of the debt you have? If your intent is to file bankruptcy, I urge you to talk with a bankruptcy attorney before you transfer the house. You can protect the $100,000 without a divorce or prior to filing divorce and get eliminate the debt at the same time. A more detailed analysis needs to be done on this. Find an experienced bankruptcy attorney or certified legal specialist in bankruptcy law. You may be causing more problems than you already have if you do this without legal guidance.
Sally J. Elkington agrees with this answer
A: Yes.
A: Why would you give up the kids and the house? And the creditors can come after any community property such as a house purchased by the couple during the marriage. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
A: I agree with the other attorneys. Sounds like the house is a community property asset which means your creditors can go after. Assuming you file bankruptcy, the trustee can also go after should you fail to list and/or if there is unprotected equity. In such event, your spouse could be put in the position of having to negotiate with the trustee to keep the house. I recommend talking to a bankruptcy attorney. Most attorneys offer a free consultation. Much success.
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