A lawsuit was filed against my husband by his former employer. Initially I was on the lawsuit, but I was eventually removed. The lawsuit was settled for $100,000 to be paid to my husband's employer in monthly installments. They insisted that I be named on the promissory note, even though I was dropped from the lawsuit and was not accused of any wrong-doing. Now that I am divorcing my husband, is there any way for my name to be removed from the promissory note or will I be responsible for his debt until it's paid off? And if he doesn't pay, can they come after me?
If you signed the promissory note as part of the settlement, you are still on the hook. Only the plaintiff (former employer) can decide whether or not to voluntarily release your obligations under the promissory note.
I assume the promissory note makes you and your soon-to-be-ex husband jointly liable, so the plaintiff can go after you if he does not pay.
Frank W. Chen is licensed to practice law in the State of California only. The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, consult your own attorney.
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
I agree with Attorney Chen. You mention a "soon to be ex-husband" so I assume you are in the process of finalizing your divorce. If this liability has not already been addressed by the divorce court, perhaps you can ask for some additional assets to be transferred to you to offset any money you may have to pay on this promissory note. Be sure to consult your own attorney to protect your legal rights.
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