Austin, TX asked in Divorce for Texas

Q: Going through divorce. Am I liable for a line of credit in my name only that was used for our business and personal use?

We had 3 bussinesses that my wife solely managed and did all accounting. She told me when to make a draw on LOC and how much, which I did. We also used it for living expenses. She now says it's all my debt because she could not sign on it. Is there any way to hold her responsible for half of it, which would be fair? We obtained the LOC during our marriage.

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1 Lawyer Answer
Chad Zubi
Chad Zubi
Answered
  • Kingwood, TX
  • Licensed in Texas

A: Your wife is incorrect in thinking that she cannot be held liable for the debt associated with the line of credit. In general, courts will divide the community estate and the debts that were acquired during the marriage, and it is very possible that she will be responsible for a portion of the debt. I suggest you enlist the help of a qualified divorce attorney that will be able to negotiate a favorable settlement and/or aggressively pursue your interests in court.

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