I just found out that my husband has more debt than he actually claimed. I quite upset. He said he only had 12K, but actually has about 25K. This debt was incurred prior to us being married. If were we to split up, would I be liable for this?
2006-11-09 05:50:10 · 11 answers · asked by Snowflakes 1 in Business & Finance ➔ Credit
No his debt is his debt. You only share debt if BOTH of your names are on the account.
2006-11-09 05:51:15 · answer #1 · answered by jessigirl00781 5 · 0⤊ 0⤋
No. But you shold delare it in any official documents that you would draw up, such as divorce or separation petitions. Make sure that whoever does the split makes his debts go to him. Or, stay together, knuckle down and pay off the debts, and change his attitude about being embarrassed about the amount. That's probably why he lied about the amount--pure embarrassment. Also, tune into Dave Ramsey if you can find him on your local radio station. He has a course called Financial Peace University that will absolutely blow your mind, grow your "greens" and make you a stronger couple. How the course does that is by making you make some committed changes in your attitudes toward money, making it work for you, and showing you how to build your wealth by giving you the same advice Grandma would give, only without taking out her teeth! (Dave said it, not me!) Look him up online to find where you can tune in. I listen religously, and I took the course. I got rid of over $40k in debt, own a taxicab company now, and enjoy an income of around $1.2 MILLION a year, thanks to Dave's help...
2006-11-09 05:57:52 · answer #2 · answered by Roosterkroozer 4 · 0⤊ 0⤋
Although I am scared you are already talking about divorce...but it does appear he has proved to be dishonest. Let's look at a different angle if he was to die tomorrow from whatever reason the credit companies would be coming to you next. You will assume all his debt. You could try and fight it but the truth is the credit companies want their money.
The best thing to do is work on honesty, and staying together and PAYING OFF his debt. That means aquiring no new debt (Cars are debts). He should look into a consolidation or something to help you guys get a better footing.
2006-11-09 06:00:37 · answer #3 · answered by MaryJaneD 5 · 0⤊ 0⤋
Technically, it is debt that he accumulated prior to your marriage, in credit cards (etc.) that were his alone, so collections can't come after your personally as far as criminal charges. It can affect you negatively, however, when the two of you go together to buy a car, house, etc. They are going to be looking at both of your credit histories, and his debt can make it much harder for you to qualify for anything, even if your income is high. The almighty credit score can ruin your chances. I am going through this right now because of my husband's credit history. I also chose to maintain my financial independence from him in many areas though, such as keeping separate bank accounts and not filing a joint tax return (yeah I know I will miss out on benefits this way, but it's in my best interest because of extenuating circumstances). I don't know your whole situation, but given that there's a history of debt that he didn't make you aware of, I would be wary of merging with him in too many financial pursuits.
2006-11-09 06:02:04 · answer #4 · answered by Emily D 3 · 0⤊ 0⤋
no because you were not married, so you would not take on his
pre-existing debt, and you did not co-sign for any of them. Now that you are married all debt is equally responsible. Just make sure you know everything that he is doing debt wise.
2006-11-09 05:59:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. You are only partially responsible for debt that you both incur together after the date on your marriage license. Good news!!!
2006-11-09 05:58:22 · answer #6 · answered by Stephanie S 3 · 0⤊ 0⤋
Marriage is irrelevant. You are only responsible if your name is on any of the notes - i.e. you were a co-applicant or co-signer on these loans.
In fact, even if he takes out new loans now that you are married, then you are still not responsible unless you are also a co-applicant or co-signor on these loans.
Otherwise, the loans are his responsibility.
2006-11-09 05:58:24 · answer #7 · answered by Matt K 4 · 0⤊ 0⤋
No, not unless you co-signed something or your name was on the account. That's his own mess!
2006-11-09 05:52:19 · answer #8 · answered by Sara S 4 · 0⤊ 0⤋
you marry him you get it all including the bad
2006-11-09 05:52:36 · answer #9 · answered by Anonymous · 1⤊ 0⤋
I say no, but as for the legal system ???
2006-11-09 05:52:01 · answer #10 · answered by Brina 4 · 0⤊ 0⤋