I told him that a marital property agreement opting out of certain provisions of the marital property laws would limit (as much as possible) the ability of his Step-Daughter/Wife’s soon to be creditor’s ability to reach his assets or income in order to satisfy the debts incurred through the pending “loan workout.” Most importantly I said, any such agreement is not binding on the creditor unless the creditor has actual notice and a copy of the agreement before the credit was extended; otherwise any protection he might have had was now gone. He took my advice and we’ll have to see how things shake out for him.

Protecting your personal or business assets as much as possible is important in today’s world and should be explored a little planning now can save a lot of money later. Contact The Fernandes Law Firm with any questions you may have.