Updated about 4 years ago on . Most recent reply
Rental property lawsuits
I got a property in Texas before marriage. I am currently married and renting the property. In case of a lawsuit will my partners assets be at risk as well ?
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- Real Estate Broker
- Cody, WY
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Don't sweat it.
First off, the odds of you ever being sued for anything more than a security deposit dispute are extremely slim. If you were sued for a broken leg or a house fire, your insurance will likely cover everything and it would never reach beyond that to go after other assets.
Know and obey the law. Treat people honestly and fairly. Maintain the home. Those three things offer you far more protection than an LLC or umbrella insurance policy.
For additional peace of mind, consider moving it to an LLC or buying an umbrella insurance policy.
- Nathan Gesner
