husband well over retirement age and does not work but wife does still work so does SHE have to pay off his long standing loan debts?
2007-11-29 03:53:41 · 21 answers · asked by ruru 1 in Business & Finance ➔ Personal Finance
This depends on what state you live in. If you are in a community property state all assets and debts are property of both the husband and the wife.
For instance, the wife buys a new house, both the husband and wife are responsible to pay for that house.
2007-11-29 04:10:27 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
Were you a co-signer on any of the loans? If you were not, then you are not legally responsible. However, some loan providers will try to intimidate you since you are the spouse. Stick to the law and you will be alright. When my wife passed away, I did pay off some of her individual debts out of a moral sense, not a legal sense.
2007-11-29 04:05:56 · answer #2 · answered by rnwallace07 7 · 1⤊ 0⤋
Is a wife responsible for husbands "loan" debts?
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2017-02-01 14:27:48 · answer #8 · answered by Gardie 6 · 0⤊ 0⤋
Well let's see. If loans have collateral on them such as house/vehicles and if you want to continue living there and driving said vehicles, then I guess it's in your best interest to pay them if he does not. Otherwise, it's not your responsibility to pay them just simply to be paying them because he is 'retired'.
2007-11-29 04:03:26 · answer #9 · answered by Dude 5 · 0⤊ 0⤋
Age is not important. Unless you can show seperate finances and asset ownership, I believe creditors can call on joint ownwerships. Best to check with citizens advice for position. CA are neutral and may be able to help.
2007-11-29 04:04:19 · answer #10 · answered by Barbarian 5 · 0⤊ 0⤋