Oh, wowzers, Liz. I can't comment too much on any of your details--as this is just over my head in terms of legal and financial knowledge. Personally, I would have to get advice from a financial professional (who is also a lawyer).
I still say that his is mostly just poking you with a stick to get you to turn back. Still, you have to take your financials very seriously---and do everything to protect yourself that you legally can!!
dandylion