I'm going through a divorce. My ex lost our business to drugs and some of the loans and bills were in my name. Our house is paid for in full and up for sale. What can I do to protect my half from debt collectors after the house sells? I heard that collectors can have my bank account frozen or put levies etc.. Should I get a trust account? Put the money in a bank in my kids name? A friend suggested I should get an LLC after I expressed I wanted to invest my money in real estate. Any advice will be greatly appreciated. Thank you
1 Answer from Attorneys
The best advice any attorney can really give you here is to tell you this situation is entirely too complicated to be answered on a Q&A forum like this. There are too many details and too many parties involved to be able to offer anything that isn't directing you to walk through a minefield. You really need to hire an attorney to help you with this situation. You've already decided that you believe it is important to try to shield your assets as much as you legally can and having professional help is the way that is going to happen. Wrong moves in your divorce could cut you off from opportunities to make your spouse pay for the debts and wrong moves trying to shield your assets could end up giving you no protection or worse put you on the hook for trying to defraud your creditors be in an even worse place than you are now. You need to talk to an attorney right now because the way the divorce plays out will directly affect your range of remedies against these debts. Don't wait until after the divorce to try to do something.