Is marital property the same as community property?

Is marital property the same as community property?

Marital Property and Community Property States Community property states follow the rule that all assets acquired during the marriage are considered “community property.” Marital property in community property states are owned by both spouses equally (50/50).

What assets are considered marital assets?

Understanding Marital Property Bank accounts, pensions, securities, and retirement accounts are also included; even an IRA, which is individually owned by law, is marital property if earned income is contributed to it during the course of a marriage.

Can my wife’s credit card debt affect me?

Generally speaking, you cannot be held liable for credit card debt belonging to someone else, be it your child’s, spouse’s or anyone else’s. However, this can change if you co-signed on the credit card debt or acted as a guarantor for the person in debt.

Does your spouse’s debt become yours?

People probably get tripped up on this myth because in certain circumstances, you may be responsible for debt your partner incurs during the marriage. In general though, no, you’re not legally responsible for your new spouse’s old debt.

Who pays credit card debt in divorce?

The best option is to cancel the card all together, if the company allows it. If your name is on the account, no matter who runs up the debt, you are also responsible.

Can I open a credit card during a divorce?

Close joint credit cards. If you and your former spouse cosigned to open a joint credit card, it’s typically best to close the account during a divorce.

How is credit card debt divided in a divorce?

The basicsMost importantly, try to leave your marriage with no joint debt.Pay off the joint cards together or divide up the debt on joint cards and transfer it to cards in each partner’s name.Cancel all undiscussed joint credit cards.Clearly agree to who will pay off the debt on which cards.