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debt against husband property owned by wife

2007-02-06 22:04:12 · 5 answers · asked by Anonymous in Business & Finance Personal Finance

5 answers

yes if she is financially linked to him. if you are married your debt is her debt im afraid.
for example if the husband dies, his debts are passed to his wife.they arent written off. its not right and its not fair but its the way it is.
also what jennifer m says about credit scoring is right. anything he does affects you. its because of the financial link.
my boyfriends credit score is affected because of me, and we arent even married, but are linked financially as we live together. credit agencies will look at the address as well as the individual, and everyone who lives theres history will be affected by one persons problems. he needs to sort out his debts as soon as possible, contact the citizens advise bureau for help if in the uk.
good luck
x

2007-02-06 22:11:13 · answer #1 · answered by Anonymous · 0 0

If you live in a community property state, a debt incurred during the course of the marriage or a piece of property bought during the marriage are "owned" by both the husband and the wife, equally. Property or debt incurred before the marriage started, as well as (usually) money or property inherited, are not community property, but belong only to the spouse that received them or brought them into the marriage.

2007-02-06 22:14:19 · answer #2 · answered by Anonymous · 0 0

The primary question here is : Is your name on the LOAN. If you are on the loan as primary or as a co-signer, you will be responsible for any debt incurred. You will also be liable for any loses if the property goes to foreclosure.

If you are on the loan you need to encourage the other party to refinance without you ASAP. If only your name is on the deed you can list the house for sale and unload it.

If the house is owned free-and-clear and only your name is on the deed it should not be attachable with regards to your husbands debts.

Make sure your bases are covered, visit a real estate lawyer soon.

Remember: Family court lawyers CANNOT ensure you that debts will be transferred and covered by him. Even if the judge tells him he must pay, creditors are not required to follow that judgment....so get your name off of any loans, credit cards, etc ASAP.

hope that helps.

2007-02-07 05:31:50 · answer #3 · answered by Anonymous · 0 0

It shouldn't affect the property but may affect both your credit scoring, it may be worth getting your credit history of the credit companies to check what the position is

2007-02-06 22:12:09 · answer #4 · answered by Jennifer M 3 · 0 0

Yes, if and only if the credit reference agencies think there's a financial link between you. This will be the case if you have ever applied for a jointly-held financial product.

Get your credit files from Experian and Equifax. If it shows that there is a financial link, and you disagree, you can apply to have a disassociation created. They will only do this if there is clearly no financial link between you.

2007-02-08 21:56:16 · answer #5 · answered by Flup 5 · 0 0

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