Joint Liabilities

We have recently had a high number of cases that have presented lots of unique issues about potential joint liabilities between business partners or spouses.  We have seen lots of co-signed student loans, debts arising from joint tax returns, judgments against one owner of a jointly owned property and unknown partnership debts.  These cases require extra caution on all sides and can encompass a variety of issues.

We have recently advised folks to partition real estate, amend joint tax returns, prepare a partnership agreement or seek administrative assistance with student loans.  There are other issues to consider that could reach to other forms of advice.  The common theme with all of the issues arising from joint liabilities is that you have to tread cautiously.  If one person has more to lose than the other then both sides need to discuss the issues and come to agreements as to how to proceed.  Nothing can ruin a relationship faster than if one joint debtor sinks the other by being careless.