Can collections use my income in husband's settlement?

Question

Unfortunately, during my fiance's previous marriage, he co-signed on an auto loan for his then-wife. He made every payment on the account for several years, and maintained insurance on it for her. When he left, he continued this for almost a year. He told her she would have to take over, and warned her five or six times over a three month period that the insurance was going to expire and she needed to renew it in her name. Well, she didn't, and then she totaled the car. The car was repossessed and sold.

From what I understand (and I won't go into all the details), I highly doubt they are going to come after my fiance with any gusto. It would basically cost them too much money. However, if we get married, and they then decide to come after him, can they take my income into consideration in settlement proceedings? We do not live in a commonwealth state. I ask because Jay looked into bankrupcy, and the lawyer wanted my income too because we live together. Thanks for your time

Answer 1

*Can collections use my income in husband's settlement? *

Yes they can , marital property and assets are considered as
one. They can go after either one or both of you for the debt
, if you are married.

That does not mean that the collectors are fair or will win in a court case. By right the car debt belongs to the former wife and your now fiancee and is only yours by proxy if you do get married.

Have a pleasant day.

Answer 2

If you marry him, you are not personally liable for any debt he incurred prior to your marriage. However, if a situation were to occur where his bank account were levied, and it was a joint account, then any funds that you earned could be taken as well. This is not likely to happen with an auto loan gone bad.

One thing you will want to consider is that your fiance's credit rating is going to go down the crapper, granted, this is not a reason to not marry him, but it is something to consider if you plan on buying a home together.

Answer 3

No...if the debt was incurred prior to your marriage. Youll still feel the pinch anyway as the money will still come from your household budget