Appellate Practice Attorney serving New York, NY
Assuming that you are sued for something for which your husband had no part, it's not really a matter of protecting your husband's money, it's a matter of making sure that your husband's money is recognized as his and not yours. If you've already committed, or are already contemplating, the act for which you are facing liability, this may be difficult, because any transfer of assets from your name or joint names to his name alone may be viewed as a fraudulent conveyance designed to defraul creditors. Nevertheless, to protect his assets, you should maintain separate bank accounts, and avoid being joint owners of assets. But first consider how certain you are of your relationship with your husband, because you will be handling over control of assets to him, which could come back to bite you if, for example, you get divorced. If you start taking the position that certain assets are his alone, you may not be able to change your position at a later time when you may want to claim an interest in those assets.
Answered on Nov 05th, 2020 at 2:04 PM