Legal Question in Family Law in California

marital law-spousal addiction to daytime trading

My husband has been a daytime trader for over 10 years. We have been married for 4 years. His income was well over $300,000/yr holding a lucrative position in Silicon Valley. He lost his job due to trading. And now we are in heavy duty dept--may have to sell the house and file for bankrupcy.

Here are my questions:

Can I file an Affidavit releasing myself from the dept incurred due to his stock trading addiction? (all trading were kept hidden without my consent)

Can I find out about his trading records from the past four years and possibly beyound?

What are my rights if I file for a divorce under the circumstances?

Thank you


Asked on 3/30/03, 6:24 pm

1 Answer from Attorneys
Douglas A. Crowder Crowder Law Center

Re: marital law-spousal addiction to daytime trading

There's nothing you can file to automatically release you from debts he incurred. Your half of the community property is liable for those debts, however you are not individually liable. It would be on a case-by-case basis whether any of the creditors will come after you. If they do, you can defend the suit on the basis that it was not a community obligation. If they don't come after you, there's nothing to worry about.

Yes, you can get his trading records. When a divorce is started each party is entitled to get discovery from the other. You can require him to turn over any records he has, and can also subpoena records directly from any brokerage he dealt with.

As far as your other rights in a divorce, you may be entitled to alimony, and/or a larger portion of what's left of the community property. There are other matters we could discuss over the phone.

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Answered on 3/31/03, 12:07 pm


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