Legal Question in Credit and Debt Law in Arizona
My husband is being foreclosed on a house. He acquired the loan before we were married. All his assets are in a trust, but my assets are not. Can the bank attach my bank accounts or assets? We have been married 1 1/2 years.
1 Answer from Attorneys
Depending on the house being foreclosed on, your husband may not even have any further personal liability after foreclosure due to anti-deficiency statutes. Whether or not the anti deficiency statute applies depends on the type of property and acreage involved. In any event, you will not be liable for your husband�s pre-marital, separate property debts. However, your husband's 1/2 of any community property accounts may be subject to his separate liabilities. Again, if the only debt you are worried about is the foreclosure, then this may not even be an issue, as the only remedy available to the bank might be simply getting the house.