spouse's debts

my wife, under her own name, has incurred debts. Can banks and other lending institutions sieze or otherwise acquire and sell/dispose of assets held jointly by me and my wife? If so, how may I protect my portion of those assets? Assets include home, cars, bank accounts held jointly. We reside in NC.

Whether you are married or single, you alone are normally responsible for paying off the debt. The account will appear only on your credit report, and may appear on the credit report of any "authorized" user. However, if you live or have lived in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin), you and your spouse in some cases may be responsible for debts incurred during the marriage, and the individual debts of one spouse may appear on the credit report of the other.

Joint accounts often can be taken so keep assets separate. Seek counsel if large or critical amounts are involved.