Reply to Help! Need smart VA lawyer (or financial adviser)to help protect my sister from husband's debts

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Reply to "Help! Need smart VA lawyer (or financial adviser)to help protect my sister from husband's debts"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Virginia is a tenancy by the entirety state.  If your house is owned this way his creditors can't touch it.  Most states no longer have this for obvious reasons but virginia does.  I know personally that there are many ways for her to avoid being on the hook for any debt that he incurs.  Setting things up for that purpose is a very common thing, particularly if one spouse owns a business.[/quote]

Yeah, that's why I said don't worry about the house. Far more important to quickly separate liquid assets / financial accounts. [/quote]

Yes but not all homes are set up this way as it has to be specifically stated.  One of the first things I would do is look into it and if it not tenancy by the entirety set it up that way.  I agree that all other assets should also be put in her name immediately.  I also think she should consider a post-nuptial agreement with a separate will providing for each other.  If the spouses are in agreement this is all quite simple.[/quote]

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