My husband and I live in Florida and he is manufacturing a garment for a store that is presumably giving him a huge purchase order. He is using a factor to put up the money, and must give a personal guarantee. We file joint taxes and own a home in Palm Beach county. Retail stores can be weird. If for some reason the store turns back the goods, he claims because my name is not on the loan, I am protected. However, I explained to him if he signs a personal guarantee, why can't the factor go into our joint checking accounts and take our assets since both our names are on the accounts? I'm not a lawyer--that's fear talking. Can they take our home, car? I'm really scared as I believe in my husband, but not comfortable with this idea of a personal guarantee. Thank you.
1 Answer from Attorneys
If they obtain a judgment against your husband on his guarantee, joint asserts can be attached, placing the burden on you to prove who contributed to them and in what degree.