Can my husband creditors come after me?
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Can my husband creditors come after me?
When people separate after a relationship breakdown, their priority is usually the division of the assets. Sometimes there are not adequate assets to sell in order to pay out a debt in full and if the debt was incurred in both names, then both parties remain liable to the creditor.
Is a husband or wife responsible for debts incurred by the other?
But in addition, debts incurred by you or your spouse during your marriage (regardless of whose name is on it) are generally deemed to be community debts and both spouses are considered equally liable. This means that even if the credit card debt was incurred by your spouse alone, you may be on the hook for it.
How do I protect myself from my husband’s debt?
Keep Things Separate Keep separate bank accounts, take out car and other loans in one name only and title property to one person or the other. Doing so limits your vulnerability to your spouse’s creditors, who can only take items that belong solely to her or her share in jointly owned property.
How do I protect myself financially before divorce?
If divorce is looming, here are six ways to protect yourself financially.Identify all of your assets and clarify what’s yours. Get copies of all your financial statements. Secure some liquid assets. Know your state’s laws. Build a team. Decide what you want — and need.