My fiancee' owes IRS alot of money and also has a huge car loan. If we were to get married would I some how also be reponsible for his debt?
2007-04-23 03:58:22 · 9 answers · asked by curious girl 1 in Business & Finance ➔ Personal Finance
YES
2007-04-23 04:00:59 · answer #1 · answered by Dusie 6 · 0⤊ 0⤋
The only debit you are liable for is the debit you acquire together. IRS is his own problem... you don't owe the IRS and they will not be coming after you for the cash. However, if the two of you buy a house together the IRS can take the house [worst case situation] or lien the house for owed money.
His car loan was his before you and will continue to be his unless there you and he make changes to the loan... I don't think you would do that, most people don't add a spouse to the loan when they acquired the car before hand.
So the answer is NO, his debit is his debt. The only thing that could affect you with his money debit is if his loans/money problems have stipulations such as liquidating his assets. If his assets [house, car ect..] have you on the paper work you will be subject to reposition and other such problems/penalties. If your home is reposed [because of IRS reasons] or something along those lines the bank you financed with [depending on THEIR terms of the contract] could come after both of you, but only in regards to the money owned on the property. If something like that were to happen you would only owe on the property but your [soon to be] husband would owe on the property and whatever caused the repossession of the property [IRS issues or such]
In this day and age, it would be best to wait till his debit is cleared. Marriage is hard enough as it is with out the added stress of debit.
BUT, If you are in love and you know he is the one, then money shouldn't matter... you’re in it [it being life] together and that’s that. Marriage is love; marriage is for better or worse.
I am in similar shoes as my [soon to be] husband also has a lot of debit. I was raised [by my single mother] that I should find someone who is in good standing and doesn’t have a lot of baggage but sometimes in life you can’t help who you fall in love with baggage or not. I want to marry my mate regardless of his problems, but I can’t help but think of what my mother has always told/taught me.
It’s not an easy position your in, but in the end it’s your choice of who you marry. All you can really do is wait it out or hope that you know your mate well enough to marry him anyways and get though it all together.
Good luck girl, it’s not easy but the best thing to do is follow your heart [gut feeling].
2007-04-23 04:51:54 · answer #2 · answered by girl_in707 3 · 0⤊ 0⤋
You will not incur the debt of the car loan, but the IRS will attach you to his tax debt. Wait until he pays off his taxes before you say "I do". Your marriage will have a better chance if you do.
2007-04-23 04:10:49 · answer #3 · answered by Felicia B 1 · 0⤊ 0⤋
if he is sinking in debt, don't even think of marrying him because he comes with too much baggage of the worst kind (BIG DEBT!) If things don't last between the both of you and you separate, your credit could be ruined big time. Why not just live together untill he has cleared all of his past debt. Go into married life with a clean slate.
2007-04-23 04:08:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The legal asnwer is NO on all accounts. You are not liable.
The car loan is a legal contract between him and his creditor, yoru name is NT on the papaerwork; unless he refinances his loan with you as "joint applicant". (DO NOT DO THIS).
IRS..again this has nothign to do with you. Just make sure once you are married you insist on filing "separate" returns.
I work at a Major Law irm. Good luck.
2007-04-23 04:14:37 · answer #5 · answered by lilpuppy6 3 · 1⤊ 0⤋
Not personally and directly, but if they reach a point where they go after his property, that will include any joint property, such as bank accounts or real estate jointly owned.
Are you expecting him to change in some way after marriage, or do you not believe that these could be danger signs?
2007-04-23 04:40:12 · answer #6 · answered by open4one 7 · 1⤊ 0⤋
this may well be a no longer uncomplicated one. i elect to decline because of the fact the scientific costs have been in his call being utilized to his credit report. even if, the different concern you do as a married couple is share all sources and liabilities dropped on the marriage and happening after the marriage. possibly a spouse can cover fees if she incorporates him on her scientific insurance, yet maximum insurance firms could evaluate costs won earlier marriage to be pre-cutting-edge circumstances.
2016-10-13 06:43:58 · answer #7 · answered by Erika 3 · 0⤊ 0⤋
Anything in his name could be subject to a tax lien and seizure. Make sure that you do not put any assets in both of your names.
2007-04-23 04:13:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
the aser is yes i have a simular problem, good luck
2007-04-23 04:06:19 · answer #9 · answered by scot s 2 · 1⤊ 0⤋