Questions about marriage and debts, and marital assets.?

Question

In general, once two people get married are they responsible for the debts that each bring into the marriage, or only the debts they incur after they are married? For example, if I marry someone with $5000 in debt, and she suddenly passes away, am I responsible for the debt? Morbid example, but you get the idea.

Similarly, I've heard that all income earned by a married person is considered a joint marital asset, EXCEPT money that is inherited from a relative's estate. True?

Answer 1

yes, you could be responsible for the 5000 dollars. yes, once your married everything including your income is a joint asset, and the only way that an inheritance is not a joint asset is if you would die before that relative. then it would go to your kids, or their kids if they died. if you had no kids, then the remaining relatives would share in the inheritance. the only way your other half would be able to get it was if it was also willed to him or her!!!

Answer 2

You would certainly need to check with a lawyer.

I don't see how a creditor could collect from the surviving spouse on a debt that was intiated prior to the marriage.

I suspect the creditor could sue the estate, they could try to sue the surviving spouse, but I don't know how that would turn out.

I could see where something like a Home Equity Line of Credit was established in her name only, prior to the marriage, but not used until after the marriage could possibly be considered a marital debt.

It's a lawyer question, not a Yahoo Answers question.

Answer 3

What state are they in? in the event that they are in a community property state, he's on the hook. BK could be very stupid. If he would not stay in a community property state, he desires to coach he should not be responsibe for the charges. If he has sole custpody, he shoudl record for toddler help. Then she'll owe him greater in keeping with month than the $one hundred fifty, and he will pay the bill.