Comments on: Protect Your Spouse in Your Financial Plan from Claims of Creditors

By: Brooke Smith

Brooke Smith — Thu, 04 Jun 2009 20:50:22 +0000

Florida residents….My husband and I own one car jointly that is now paid in full, we also have our bank accounts as joint. I recently received a judgement against me with a credit card and I was wondering if those things are protected from garnish or being seized since my husband, who’s name is no where on the credit card or judgement, is co owner? If so, is there any documentation that we need to file to insure this? Do you know of a website I can go to that will assist me if you can not answer my quesions? I can not afford an attorney at this time.

By: Melissa

Melissa — Wed, 18 Feb 2009 20:39:40 +0000

My husband and I are from Virginia and own property joint tenants by the entirety and he has a judgment against him. If we sell the property can the judgment go after the money?

Melissa

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Thu, 01 Jan 2009 00:16:51 +0000

Moses: You are in a complicated situation that requires consultation with a lawyer who is familiar with Florida law and creditors rights. It is likely that any moves you make to protect assets will have to occur well before any future deficiency jusgment so I would move quickly to get the advice you need.

By: Moses

Moses — Wed, 31 Dec 2008 22:56:19 +0000

I too live in FL and purchased a condo in 05. At the time I was married but purchased the condo solely under my name so I am the note holder and she only signed on the closing docs but is not attached to the actual debt. We have over a 100k in the bank and wanted to see if tenant by the entirety would protect our money from a deficiency judgement, if I let the property go into foreclosure. Also, she owns a home and it is homestead exempt and I only signed on the closing & deed not on the note. I want to see if I can protect our assets.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Fri, 12 Dec 2008 04:48:03 +0000

Lynn – You and your husband need to get some good legal advice from a lawyer familiar with Michigan real estate law. My guess is that if your husband permits a foreclosure, the lenders will pursue a deficiency action against him, get a judgment, then attach a judgment lien against his properties, including the one he owns free and clear. If he tries to join you as a tenant by the entirety while he is being sued for a deficiency or after the judgment is rendered, the courts will likely ignore that. if he does it now, it might work but again, get a written opinion from a lawyer in Michigan on that. Good luck.

By: Lynn

Lynn — Thu, 11 Dec 2008 20:58:49 +0000

I live in Florida and my spouse has 3 investment properties in Michigan. It looks like both FL & Mi recognize Joint Tenancy by Entireties. However, my husband wants to let the investment properties go into foreclosure. He owns a property in Michigan that is free and clear. We are worried they might put liens on this property. I have asked attorneys if he can deed it to me as Joint Tenancy by entireties and I keep getting mixed answers. Some say that they can come back and say you did it purposely. But we have never been late yet. Can we do it and then let go of everything?

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 17 Nov 2008 00:51:47 +0000

MoneyStrategistWannabe: Protection of assets from creditors is highly dependent on the laws of the state where the assets are located. If your state recognizes tenancies by the entireties, then that is one technique. However, debt that pre-existed the marriage can be a separate problem. If that debt is not manageable by the two of you, you should try to work it out with the creditors before marriage or consult an attorney as to the best way to combine your assets once you are married.