QUESTION
If I divorce my husband and buy his business out, am I responsible for any contract obligations he had?
Asked on Nov 14th, 2012 on Business Litigation - North Carolina
More details to this question:
He signed a lease for a building to operate a restaurant. My name was not on lease or associated with corporation. I have divorced him and bought him out. The restaurant changed locations prior to my control of the company thus violating the lease agreement. The owner is now contacting me for restitution.
1 ANSWER
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It depends on exactly what you signed, or whether you assumed his obligations under the lease in question. As a general matter, buying an asset does not make you personally liable for related liabilities unless you expressly agree in writing to do so. Read your buy-out agreement.
Answered on Nov 15th, 2012 at 11:08 AM