If I marry someone who has credit card debit and still owes house payments. Will I be responsible?

Question

He has accrued a large amount of credit card debit. He has a house that probably will not be paid off for another 23 years. He is also getting ready to put 2 kids into college. I want to know how much of this would be my responsiblity if we married and as far as college goes, will my income count for anything on his kids college stuff. If he dies where does it leave me?

I need to add, I own my own home. I owe nothing on it except yearly taxes and expenses from wear and tear. He has at least 1 x wife lined up to get into his retirement. Shes a gold digger, and the mother of the 2 teenagers. He was married about 12 years to her. She has re married and still digging very deep into his pockets.

Answer 1

If your name isn't on anything then you are not responsible even once you're married and if he dies. I'm assuming your name isn't on anything since he accrued this debt before y'all decided to get married. If y'all get married before the kids go to college then it may affect the financial aid they'll get because of the annual household income which needs to be reported. Basic rule is, if your name isn't on it then it's not your responsibility. Hope this helps.

Answer 2

optimistinsp is partly correct. But he's talking about a "community property" state. There are several that have similar policies.

But in most of the country you will not be held liable for his past debts. Guaranteed here in Michigan. My wife came with some "debt baggage" when I got married, and they were hounding her something awful. I sent them a nice letter threatening my own lawsuit against them, and they went away.

On the college issue, I'm going to bet they will use your combined household income.

On the death issue, probate laws are terrible to figure out. But it's a guarantee that they will collect it from his estate. Therefore, if he dies, you could end up losing your home and property.

Same if they forclose on your home now. If he doesn't pay you could lose.

You may wish to examine filing for bankruptcy. That way you can get married, have a clean slate, and work on rebuilding using your credit instead of your husbands.

Answer 3

Forget about finding your answer here. Every state is different. In my state you are responsible for all debts when you marry but you do not have a legal claim to the assets he brings to the marriage. It's almost like double jeopardy. If the debts were incurred before you married you can fight that successfully but the lawyers will get some money. Any loans or income that comes after marriage are community property. But here is the MOST important part...if he dies his debts might go to you or his estate is used to pay off debts before his wealth is distributed by a will. He might leave it all to you but it will be used to pay his debts before you get to it. That is only fair. In this state you better love him and trust him before you marry him. There is one piece of good news. You can operate your finances so that you are not a financial union. But that means you cannot combine your borrowing power for loans. And like anything else it can be contested by disgruntled relatives when you die. Every state is different. Pay a lawyer for advice and a pre-nuptial. It's worth it.

Answer 4

Just to clarify how community property states work. All debts and assets brought to the marriage leave with the respective parties during divorce. Debts and assets incurred during the marriage belong equally to both partners, with the general exception of inheritance and student loans. But you should absolutely be having conversations with an attorney--and an estate planner--before getting married. A simply prenuptial agreement can make sure that ownership of debts and assets works the way you want it to, regardless of your state's "default" setting.

Answer 5

Nope; Not unless you sign onto the credit card or the other loans.
When he dies the outstanding debt will be the responsibility of his estate and his assets will go toward satisfying them. If you agree to help put the kids thru school, you'll be signing and responsible.
House debt is his until you end up on the deed and/ or any mortgages/deeds of trust. Marriage does not automatically assume outstanding debt in most states.

Answer 6

The laws on this vary a lot from state to state. If you mingle your assets with his, you could wind up losing some of them because of default on his debts. I suggest you contact a lawyer at once BEFORE you marry him to find out what you should do to protect your own interests.

Answer 7

Well, legally you wouldn't be responsible for it, but the law works weird and may be able to hold you responsible. I'd consult with a financial attorney and see since they know the laws for the state you are in and the laws of pre-marriage property, etc.

Answer 8

for taxes file separately , the house is in his name, the credit card thing, well most people have that. I'm lucky I do not but I did a few years ago. House payments, most people have that to. are you used to have a person have money? whats is in his name can stay that way. do prenup if you are worried.

Answer 9

I think you should work out some kinda agreement with him, maybe get him to sign something in writing even saying you won't be responsible for his debt.. and its debt not debit! Sorry I'm a writer...hehe

Answer 10

Keep your maiden name, don't co-mingle assets, be sure you are NOT in a community property state and you should be okay. The worst thing to do is co-mingling assets -- no joint checking accounts or credit cards!