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Max Lowry
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Category: Law
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Experience:  LLB, 10 years post qualification experience
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My husband has accrued a lot of debts mainly through gambling.he

Resolved Question:

My husband has accrued a lot of debts mainly through gambling.he has a problem but he doesn't think he has a problem as he s managing to pay his debts somehow.my concern is if things come to a head if I can also be responsible for these debts as married even though my name isn't on any of them.i have put my horse out on loan with a legal binding contract so could he be taken away from me and sold by debt collectors ?
Submitted: 2 years ago.
Category: Law
Expert:  Max Lowry replied 2 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question.
Could you please tell me was your horse ever owned with your husband jointly and when did you loan it out?
Customer: replied 2 years ago.
No I own him and I loaned him at the beginning of September this year with the idea that it would save money to help with finances but I'm not sure if it's helping my husband and feel he s just getting into more debt.
Expert:  Max Lowry replied 2 years ago.
Thanks for your additional information.
Firstly, just because you are married it does not automatically mean you are liable for your husband's debts.
If you own the house jointly (or other assets) or have joint bank accounts then these assets are at risk if a creditor takes action against your husband. For example, with the property a creditor could register a charging order on the property which will effect only his share in the property - your share will be protected.
More specifically, as you own the horse solely and have always done so then the horse is yours and no creditor can try to take him even for your husbands debts. The horse will be safe.
I hope this helps. Please let me know if I can clarify anything.
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience: LLB, 10 years post qualification experience
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