The spouse would only be responsible if the married couple live in a community property state. Community property states treat marital debt as joint regardless of which spouse incurred the debt(s); (Texas and Wisconsin attribute marital debt responsibility differently than do the other CP states).
Yes, if the creditor sues the debtor and wins a judgment, the judgment can be enforced as a bank account levy. Unsecured debt simply indicates that there is no specific property attached to the debt, it does not mean that a creditor cannot use a judgment to seize any non exempted property belonging to the judgment debtor. In some states including Missouri, joint marital bank accounts (unless otherwise stated), are considered to be held as Tenancy By The Entirety. This means that a joint marital TBE account cannot be levied when only one spouse is the named as the judgment debtor.
No. However, if a creditor sues the debtor and wins a judgment, in most cases the judgment can be executed against joint marital property, such as bank accounts. Therefore, a new spouse can be affected by the premarital debts of their partner.
This may depend on the country your in, but I would suggest not. If the debt in question is a debt solely in your name, this will mean the other party on your joint account is not liable for your debt, so they cannot take funds from your joint account.
If you reside in a CP state all debts incurred during the marriage are considered joint regardless of which spouse is the account holder. If the debts were made by the debtor spouse before the marriage the 'innocent' spouse is not responsible for the debt(s). However, the joint marital bank account can be levied and/or liens placed against real property to the extent of the ownership of such by the debtor spouse. In non-community property states, the spouse who is the account holder is the only person responsible for the debt. However, a joint bank account not held as TBE can be levied by a judgment creditor as well as an encumberance of a lien against jointly owned marital property unless it is also held as TBE.
Yes. The only exception is if the married couple live in a state that allows joint marital accounts to be held as Tenancy By The Entirety (TBE).
The spouse would only be responsible if the married couple live in a community property state. Community property states treat marital debt as joint regardless of which spouse incurred the debt(s); (Texas and Wisconsin attribute marital debt responsibility differently than do the other CP states).
The responsibility for marital debt is determined in the divorce decree. Debt, property, maintenance, custody, disposition of assets -- all are open for discussion and negotiation, and should be resolved and included in the final paperwork.
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
== == Answer No, it is not your spouse's responsibility and they can't come after your spouse, unless you live in a "Community Property" state like California. However, if the couple does not reside in a state that allows marital property to be held as TBE, the judgment creditor can attach jointly owned property to the deemed percentage owned by the debtor spouse. Therefore, joint marital bank accounts not held as TBE can be levied and joint marital real property can have be attached by a judgment lien. More input Yeah, except California, most state laws do not force you to pay for your spouse's debt. Why not consider debt settlement? All you would need to pay is around 55%. If you think you can afford it, go for it. Some debt settlement companies can put you on plans wherein you can make minimum monthly payments and get debt free.
Yes, if the creditor sues the debtor and wins a judgment, the judgment can be enforced as a bank account levy. Unsecured debt simply indicates that there is no specific property attached to the debt, it does not mean that a creditor cannot use a judgment to seize any non exempted property belonging to the judgment debtor. In some states including Missouri, joint marital bank accounts (unless otherwise stated), are considered to be held as Tenancy By The Entirety. This means that a joint marital TBE account cannot be levied when only one spouse is the named as the judgment debtor.
It means it is all the property that belongs to a married couple only.
No. However, if a creditor sues the debtor and wins a judgment, in most cases the judgment can be executed against joint marital property, such as bank accounts. Therefore, a new spouse can be affected by the premarital debts of their partner.
This may depend on the country your in, but I would suggest not. If the debt in question is a debt solely in your name, this will mean the other party on your joint account is not liable for your debt, so they cannot take funds from your joint account.
In the state of Pennsylvania, property that is acquired after legal separation is not considered property purchased during the marriage. The only time that property is considered joint after legal separation is if joint marital funds are used.
Yes, Wisconsin is a "marital property" state. This means that both the husband and wife "own" assets AND debt jointly.
It depends on the laws of the state you live in.