Depends on the state.
I didn't read full thread, but I wanted to interject that regardless of wether the CCs are in your name or not, you ARE liable for the debt.
we had 3 CCs and they were in my ex's name and they were community debt.
that being said the sooner your bail the better. it's just like with custody issues, but NOT doing something you are passively agreeing and therefore it looks like you are OK with the situation even if you are not.
since you are 50% owner of the company, your best bet is to goto court and argue ex should assume 100% of debt and you'll give over your 50% stake in the company.
But again, the sooner the better.
I was totally liable for my ex's CC debts, incl the fact he took out huge cash advance to pay for lawyers!
I am however, far smarter than ex....so I worked that to my advantage during mediation. :)
Ouch! Sorry that happened to you. I hope you are completely free of him now.
A&A is right. I don't live in a community property state, so I am not necessarily liable for his debts. But I am deeply affected by them.
This seems to be one of those things that everyone has a different answer to. Some say I am, some say I'm not. The person I've spoken to with the most expertise, a business attorney who specializes in this type of business in my state, told me I wasn't, But strange things can happen with money and the law and maybe he was wrong, despite his professional knowledge.
Hopefully this will get sorted out long before the creditors come calling and I'll never find out.