Can My Husband's Big Credit Card Debt Affect Our Joint Assets?

Sep 1, 2021 · But because the caller is not attached to any of her husband’s credit card debt and doesn’t appear to live in a community property state, Clark says she should be in the clear. “Your liability on the $25,000 does not exist,” Clark says. “But in the event that your husband was …

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Am I Liable For My Spouse's Credit Card Debt? - Nolo

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6 hours ago · Even high earners can find themselves under a mountain of credit card debt if they let their spending go unchecked.. Jason, 40, and Megan, 34, earn a combined $256,000 a …

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FAQs about Can My Husband's Big Credit Card Debt Affect Our Joint Assets? Coupon?

Are You responsible for your spouse's credit card debt?

Whether or not you are responsible for your spouse’s credit card debt can depend on which state you reside in. In a common law state: • In a common law state, your partner’s credit card belongs only to them. The law provides that one spouse owns a particular asset unless you both put your names on it. ...

Are you liable for a spouse's credit card debt during marriage?

Nine states are currently listed as “community property states” where you can become liable for a spouse’s credit card debt during marriage, even if you’re not a joint account holder. These states include: Three of these states -- California, Nevada and Washington -- treat domestic partnerships with the same rules. ...

Are you liable if your spouse racks up credit card debt?

Even if you live in a community property state, if your spouse racks up debt on a credit card you jointly hold, you may indeed be liable. As you read above, if you live in a community property state, your spouse’s debts acquired during marriage will become yours as well. ...

Can a dead spouse's credit card debt affect my credit score?

A dead spouse’s debt also should not impact your credit standing unless you were responsible for it. The best way to avoid becoming responsible for your spouse’s credit card debt is by understanding your state’s laws and doing what you can to protect yourself. ...

Can a spouse open a joint credit card?

Don’t open joint credit cards. Don’t open joint bank accounts either. With joint accounts, your spouse could withdraw part of your paycheck to pay down their debts. Talk to your spouse about their debts and make a plan to get those debts paid off. That way, you won’t have to worry about being responsible for those debts in the future. ...

What happens if a spouse owes a credit card?

First, the good news: The credit card debt your spouse acquired before marriage does not transfer to you, partly or wholly. It remains the financial and legal responsibility of the person who brought it into the marriage. Should that person's debt go unpaid, your assets would be protected from collections. ...