if you're legally married but have separate accounts and one of you has major debt, are you liable for your spouse if he/she is unable to pay bills?
MushesGirl
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Re: Question about Debt
hmm good question;dont know the answer but i'd lean toward yes. your accountant may know
Cpt2007
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I believe you are.
bettybcafe
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Posted by Cpt2007
I believe you are.
Why would you say that? DH has debt, he is unable to open any type of account. I on the other hand have perfect credit and a checking account...I dont think u would be liable for his debt. If you werent with him when he acquired the debt and have no accounts together I dont think you are liable. Then again, I could be wrong. Dont know if this makes a diff. but we didnt file jointly we filed married but seperate
PegaLega
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I think you are, this is at least what we were told when we started talking about buying his house-that we know own each others debts...not sure how true that is tho
JennNicole
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yes you are. Half responsible. yep. sorry girls.
I say try and get your DH to pay off all his loans asap! My friend just got burned badly in her divorce and so did my Mother. You can end up with a bit more if you end up in divorce..(hopefully never) but the creditors do assume you both once they have all your info over time.
MJDoc12
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a lot of it depends on when the debt was accrued....was it before your marriage? then no...you are not responsible for your husband's debt.....and you should make sure you keep accounts separate. if he has debt---and is sued for a judgement or something and his name is on an account with you.....like a checking or saving account....then they could freeze the money since his name is on the acct.
its all about whose name the debt is in....so if you are worried...be sure to keep accounts separate and don't put your name on anything with DH
Cpt2007
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Re: Question about Debt
Posted by bettybcafe
Posted by Cpt2007
I believe you are.
Why would you say that? DH has debt, he is unable to open any type of account. I on the other hand have perfect credit and a checking account...I dont think u would be liable for his debt. If you werent with him when he acquired the debt and have no accounts together I dont think you are liable. Then again, I could be wrong. Dont know if this makes a diff. but we didnt file jointly we filed married but seperate
When we were exploring financing options for our wedding (we paid for it with a loan), we talked to the credit union and they told us that it didn't matter if the loan was in one name or both names, that once you were married, if things went bad with one or the other's accounts/credit, the others wages could be garnished. Pretty sure it's common law stuff. Now, the person at the CU could have been totally wrong, but I'm guessing that it is.
And this is a separate issue from taxes. Credit scores aren't managed by the govt, but rather credit bureaus.
Summer07Bride
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Re: Question about Debt
I would say just be sure to keep your finances separate. A woman I work with is pretty far in debt, her wages are garnished. Her husband keeps his accounts separate so she is not required to have more money garnished.
MJDoc12
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Re: Question about Debt
this is from legal database:
Am I responsible for my spouse's credit card debts? Navigation: Home > Legal Questions
This is a question many people ask either when a spouse passes away, or when a married couple is facing a divorce or a separation and doesn't understand the legal ramifications of debt.
The answer is this: It depends. If it is a joint account, in both spouse's names, you are both equally responsible, regardless of who spent the money. While the credit card debt belongs to you both, payment of it will likely be decided by a divorce court. At either rate, if it is not paid, it will harm both spouses' credit. If one spouse runs up the credit card bill and refuses to pay it, both spouse's will suffer.
If the credit card was only in one spouse's name, then only that spouse is responsible for the debt, with one caveat: In community property states, the debt is distributed to both spouses just as the assets are. If you are planning a divorce, or have recently separated, you should notify the credit card company and either cancel the cards, or withdraw authorization for your spouse to use the card.
**NY is NOT a community property state**
HollyMac
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Re: Question about Debt
Debt accumlated outside of the marriage are not your responsiblity. Therefore if your husband got into major credit card debt prior to your marriage, you will not be responsible.
As for debts after marriage it would depend... if it's a joint credit credit (even if you don't use it), buying a house, etc.
PeteysBride
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Not sure how it works in NY but in NJ YEP. If you divorce, everything gets split down the middle, debt included. Its pretty crazy.
MJDoc12
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Re: Question about Debt
Posted by PeteysBride
Not sure how it works in NY but in NJ YEP. If you divorce, everything gets split down the middle, debt included. Its pretty crazy.
wow really? thats so odd cause that rule tends to only apply with community property states.....and NJ isn't one.
joshisgirl
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thanks for all the replies girls! i know it varies state to state so i had a hard time finding an answer. MJ, you're right about the debt before marriage thing. after marriage, i found quite a few sites that said after marriage, regardless of whether or not it is a joint credit card, the spouse is stilll legally responsible (in NY).
Mich0621
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Re: Question about Debt
It would depend if the debt was a pre-marital or post-marital debt. Basically, if your significant other accrued the debt prior to marriage, you are not liable unless you co-signed. After marriage, unless there is documentation to the contrary...HTH
