Will I be responsible for paying my spouse's loans if he dies?

It would be helpful for you to meet with an estate planning attorney to address your own needs regardless of your husband's, as well as to better cover your questions, but most of your concerns will likely be unfounded. The lender cannot come after your separate assets. To the extent the equipment is sufficient to cover the loans, then the equipment will be recovered and that would be the end of it. I would be concerned, however, whether the equipment, in those circumstances, would yield the value needed. Further, losing it eliminates many options on what you could do as far someone else assuming his farming operations (which may or may not be desired/advised). Your 401(k) would be an exempt asset, even from your own creditors. So, that is not a concern. Do everything possible to avoid tapping into your 401(k) for any reason whatsoever prior to retirement. It really sounds like it would be very worthwhile for you to meet with an attorney face to face for planning purposes. It may be advised to retitle some assets, perhaps use trusts, etc. You may also be better armed to have a responsible discussion with your husband once you have received feedback relevant to your exact circumstances. I wish you the best with this.