it was controlled debt (nothing late or skipped) but he has ALOT of debt. If we ever went seperate ways (which I am NOT considering) Is his debt now my debt too? The debt was incurred BEFORE we got married. So I dont think its my responsibility. Any debt AFTER we get married would be my responsibility too, right?
I dont get this stuff!
2007-11-11 08:23:16 · 16 answers · asked by none-ya 2 in Family & Relationships ➔ Marriage & Divorce
Would you feel the same way if he had millions before you got married?
2007-11-11 08:26:21 · answer #1 · answered by Anonymous · 2⤊ 2⤋
If the debt is on anything the two of you have signed together and agreed to pay..yes, you may very well be liable for his debts.
In the US two people getting married who have alot of debt should NOT file taxes together with the IRS in case some of that debt you didn't know about includes payments to the IRS.
Check state law where you live and ask the creditors directly when it comes to credit cards. If you share an account with him concerning credit cards.. immediately get your name off of it and get your own and make sure IN WRITING that you inform his past debtors you are not responsible for debts he incurred before you and he married and not for debts he incurred which you did not agree to pay. I am not sure but if you share a credit account with him... then you share the debt. Call an attorney quickly and find out. No need to wait.
Do not file together ( taxes ) with him until you are sure all the debts are finis. You can check with the IRS about this. They surely know better than I.
2007-11-11 09:03:43 · answer #2 · answered by BelieverinGod 5 · 0⤊ 1⤋
You can ask a Lawyer from your state to elaborate more but this is ONE reason there are "prenuptial agreements". IF you marry into debt you WILL be hounded to pay it if something should happen to the spouse. In the event of a divorce you will also be liable for 1/2 of each others debt whether made before or after the marriage, UNLESS you have a prenup. stating certain things. Don't be fooled into thinking that YOU will be scott free simply because only one person's name is one a particular form. There are ways for people, YOU or your spouse owe, to get their money legally.
2016-04-03 08:01:20 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It really does not matter now because you are married until death do you part. You would be thinking of ways to pay down the debt. You should both work two jobs and not spend any money except on necessities. It can be done one day at at time! Good luck!
2007-11-11 08:46:25 · answer #4 · answered by Dance 4 · 0⤊ 1⤋
Only if the debt is in your name.
If it is in his name, then he is responsible for it.
If the debt is in both of your names, then yes, your financial situation will be effected also.
My husband has a lot of debt, but it is in his name, so when he can't get cell phones, I can, because I have good credit, which was suprising to me, I still have some other bills to clear up, but the debt is in his name and not mine, so your husband's debt that he had before you got married is his responsibility to clear up, now after you got married if the debt is in both of your names, then yes, it is both of your responsibility.
But if it is only in his name, then do not worry about it because it is all his responsibility.
2007-11-11 08:40:03 · answer #5 · answered by carriegreen13 6 · 1⤊ 1⤋
Just like all of the marital assets ALL of the marital debt is shared 50/50. It doesn't matter when it was originally incurred as long as it is there during the marriage you are partly resposible.
2007-11-11 09:43:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Just going to tell you experience i had. After I got married the college my husband(now ex) went to called and tried to blackmail me and say they were goin to sue and take income taxes...threats and the like. I point blank told them that he incurred that debt before we married and i wasnt paying a dime. And if i found out that they had or would try then i was going to file a harassment suit on them.. They never called or bothered me again
2007-11-11 08:41:10 · answer #7 · answered by Southern Belle 2 · 0⤊ 1⤋
Depending on the laws in your area, his debt is like having step-children....it's a packaged deal.
So, if you divorce and he files for bankruptcy, those creditors will come looking for you to repay the debt.
See guidance with a financial planner. See if you guys can't invest in a 801K plan to help pay off the debt sooner.
2007-11-11 08:42:22 · answer #8 · answered by Ella 7 · 1⤊ 1⤋
From your writing here it seems like you are going to need to get this stuff. Rule of thumb: pre-existing assets or debts would not be shared, but......attorneys can make things very slippery.
2007-11-11 09:46:44 · answer #9 · answered by ? 6 · 0⤊ 0⤋
If you have no plans to separate, why are you worried about his debt? Help him come up with a plan to pay it off...that's what being married is all about.
2007-11-11 08:56:28 · answer #10 · answered by reddevilbloodymary 6 · 0⤊ 1⤋
you married a man that you Hadley knew because if you did you would have known about his debts before you married him your thinking about what happen when you leave this marriage will you be responsible for these debits he had these debits before you said i do, They inccure before marriage so you are not responsibile for them. any thing after the marriage your responsible for.
best of luck
best of luck
2007-11-11 08:32:27 · answer #11 · answered by Anonymous · 2⤊ 1⤋