I have been troubled because my wife had lots of debt before we got married. I am now building my credit, but somehow, I am worried that because we have a joint account to which the debt is associated. Will I be 50% responsible for any debt owed, or will I only be responsible for debt incurred after the marriage? This has been on my mind for a very long time now, so feel free to explain in full. Your advice is greatly appreciated!
2007-08-21 16:07:07 · 15 answers · asked by cardo11 3 in Business & Finance ➔ Credit
You need to sit down with her and go over every account. You both need to do the bills every two weeks. And you need to see every statement, very important. For some reason a lot people think it is OK to lie about finances, ie hide thier overspending.
You will be responsible for accounts that are a co-signer on. Do not get listed as an authorized user on her accounts. Now if she defults, creditors can go after joint assets.
If you are worried it is probably for a good reason, and I would bet you are understating the issue. You need to see a financial counselor and get some books on the topic. Then ask your wife to get with you on the topic.
You can deal with it now or later. Good luck.
2007-08-21 16:16:32 · answer #1 · answered by Gatsby216 7 · 0⤊ 1⤋
You will be responsible on any account that is a joint account.
If any of her accounts are in her name only, or you are only an authorized user, you are not responsible.
If you happen to live in a community property state, there is a "possiblilty" that you "may" be held responsible for accounts that are in her name only.
You would have to check your states statutes if you do live in a CP state as some CP states do not hold a spouse liable for certain types of debts.
2007-08-21 23:21:48 · answer #2 · answered by echo 7 · 0⤊ 1⤋
Technically, you are only responsible for the debt incurred after your marriage. However, credit card debt is unsecured debt...so technically....they can't come after you or even her if its not repaid in a timely matter. For that reason, credit card debt is the best debt to have.
2007-08-21 23:12:58 · answer #3 · answered by zebra 1 · 0⤊ 1⤋
Yes, you are now partially responsible for her debt! If you have not already gone through some financial counseling together, now would be a good time to start. You both need to be aware of how the other's finances affect you, because for better or for worse, when you're married, your financial histories and liabilities merge too!
2007-08-21 23:11:01 · answer #4 · answered by kittenpie 3 · 0⤊ 1⤋
Do you live in a community property state? I know that creditors can garnish the spouse's wages for debt incurred during a marriage, but not sure about debt incurred prior to...
2007-08-21 23:11:44 · answer #5 · answered by Robin 2 · 0⤊ 1⤋
Check your credit online. (Annualcreditreport.com) You can check your credit from each credit bureau once each year. As long as you are paying the minimum payment each month and don't have any late payments your credit will remain relatively good. You want to make sure you don't have a lot of high balances and almost maxed out credit cards. For $5 you can check your credit score.
2007-08-21 23:14:32 · answer #6 · answered by elims4ever 3 · 0⤊ 1⤋
As a couple, you will be responsible for your debts as a COUPLE.
However, your credit score and hers will remain seperate. No need to worry.
2007-08-21 23:09:53 · answer #7 · answered by FaZizzle 7 · 1⤊ 1⤋
If you are a community property state then it is only what is accrued after marriage that is considered jointly held, unless of course you have an agreement otherwise -- on paper
2007-08-21 23:11:06 · answer #8 · answered by Angel Baby 5 · 0⤊ 1⤋
When you got married, you changed your pronoun from "I" and "me" to "us" and "we." Dave Ramsey has some great tips on this. If you go to his website, you can find out what radio station he is on near you. daveramsey.com
It will make you stronger. You are now one. You can set goals and get excited about paying YOUR debts off together.
Good luck. It's great that you are seeking advice.. it shows you care......
2007-08-21 23:14:55 · answer #9 · answered by Tamara 2 · 1⤊ 1⤋
Yet you married her knowing of her debts. You should have waited until she clean up her act.
2007-08-21 23:12:02 · answer #10 · answered by That one 7 · 0⤊ 1⤋