He will only be responsible for accounts/debts where he is on the account. However an assets that you would leave to him, will be subject to your debts(over a state determined minimum).
So the best thing you can do is to take care of your debts, so that he will have nothing to worry about. The good news is that your past problems will not affect his credit.
Life insurance is a good idea if you have significant debts. It is a must once you have kids(even if you stay at home).
2006-12-12 15:49:30
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answer #1
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answered by VATreasures 6
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If you are in a no-fault state, all joint property is JOINT. IN other words, if you incur debt while you are married to him ( or if he incurs debt while he is married to you) that debt is jointly owned and if you renege on paying it, they will come after him ( or you if the situation is reversed).
You would have to file separately on your taxes and own property separately and keep ALL your financial records apart from his also.
And yes, your financial record affects his credit if you apply together to purchase a house, car or any other thing you are financing.
Weirdly, if you were a stay at home Mom and your husband ran up a huge debt and died, you would be responsible for paying it off. Yet, if he had great credit and died, YOU would NOT have great credit becuase YOU never earned it as "just a stay at home mom". If you tried to buy a house after he died, you couldn;t get a loan becuase HE had the good credit. Interesting, isn't it?
And that's one more reason why we need an Equal Rights Amendment. With an E.R.A., the credit a FAMILY would earn (he at an outside job and your work as a mom) would stay intact after his death and you could get loans and be treated like a real human being.
I would advise that you let your husband know ALL the details of your debt and start to knock it down together. That's what marriage is about- together for richer or poorer blah blah blah
2006-12-12 15:51:02
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answer #2
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answered by Mimi Di 4
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Your credit will only matter when makeing purchases together. For example when buying a house. The only way around it is if he buys things without you being involved in any way on paper.This means you do not own anything he owns unless he wills it to you. Let us say he buys a house you choose it together but he is the only one on on the mortgage and title. This means only his income counts when getting prequalified and so on. However if somthing should happen to you then yes your creditors can come after you husband for your debt. It would be wise to clear up your credit. My husband and I went through a lawyer for this process. It is costly but worth it in the end. In short to answer your questions.. Your husbadn may be responsible for your debt. There is no way I know of to protect him from your debt. And your credit may affect his depending on the circumstances. Hope this helps. Good luck!
2006-12-12 15:51:23
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answer #3
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answered by Chrissy #1 4
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You need to get a life insurance or have the money in the bank to pay youre debts if something should happen to you. Yes youre credit rating does affect him. when you go to apply for a loan they will look at both of your credit rating.
2006-12-12 15:48:52
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answer #4
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answered by Anonymous
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To you, your debt, and to him, his debt.
He can't be responsible for your debt, unless he agree to be responsible for your debt. LIke if he has a credit card and then ask the credit card issuer to issue a suplementary card to you.
2006-12-13 08:15:27
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answer #5
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answered by Anonymous
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If you die, your husband is responsible for any debt.
2006-12-13 17:21:06
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answer #6
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answered by Steve R 6
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no he is not responsible as long as the items - debs- are in your name
2006-12-12 15:45:21
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answer #7
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answered by ekleinert 3
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