Legal Question in Credit and Debt Law in Virginia
Wife stuck with ex-husband's debt
I had posted a question about this
previously
(/cgi/bbs/message.php?
i=456076130). My question now is
this: Can my wife avoid the
possibility of having her bank
account ''raided'' by the collection
agency (should her ex continue to
miss making his payments) by
creating a revocable living trust
account and moving her money into
it? My understanding is that such
trust accounts make sense for folks
who have a lot of assets, and they
also have a legal identity all their
own. Although my wife has very little
in the way of assets (not much more
than the $15,000 her ex owes), the
ability to shield those assets from a
collection-agency ''raid'' is something
she would dearly like to be able to
do.
2 Answers from Attorneys
Re: Wife stuck with ex-husband's debt
You haven't clarified why your wife would now be legally responsible for a debt of a former husband, unless she incurred such reponsibilty by signing jointly with him for something when she was married to him or somehow was adjudged to be liable for something only he signed for by virtue of her marital status at the time.
Re: Wife stuck with ex-husband's debt
A judgment debtor will not be able to
keep her judgment creditor from seizing otherwise attachable assets by merely depositing them into a revocable trust.
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