Full question:
I have a court ordered judgement on a loan for money that my x-husband borrowed from me when we were married. He wants to sell our jointly owned business and after paying off what the business owes, there will not be enough money to pay me in full. Because the court ordered this money be paid back to me, does he still owe the remaining money after the business is sold? Can I put a lien on the business and hold up the sale of the business? Could I use the lien to force him to sign papers that he will guarantee to pay me the remaining amount on the loan.
- Category: Debts and Credit
- Date:
- State: California
Answer:
If the court judgment states that he must pay you back independently of the business, then he still owes you the remaining amount if it is not paid in full after the sale. Selling the business is a decision for both of you. If you want to sell to recover part of your money and the price is fair, you can proceed. If not, consider what will happen to the business if it isn't sold now.
Regarding the sale, you can potentially execute a judgment on any non-exempt property of your ex-husband. If the business is structured as a corporation or LLC, you can execute on his ownership interest in the business, but not on the business assets themselves, since the judgment is against him, not the business.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.