Sentences with phrase «debt incurred during the marriage»

There are some cases where both partners can become liable for student debt incurred during a marriage, even if only one person's name is on the loan.

In most community property states, both spouses are equally responsible for the repayment of debt incurred during the marriage, even if only one spouse enjoyed the benefit.

However, if you live in a community property state (California, Arizona, Idaho, Nevada, Louisiana, New Mexico, Washington, Texas or Wisconsin), your spouse and you may be responsible for debts incurred during the marriage, and the individual debts of your spouse may appear on your credit report as well.

If either of the parties tends to spend far more than the other, you can describe in the prenuptial agreement how you want debts incurred during the marriage to be treated for equitable distribution purposes.

This means that any property (other than gifts or inheritances) you and your spouse acquired during the marriage belongs equally to both parties and any joint debts incurred during the marriage are the equal responsibility of both parties.

The good news is family members aren't responsible for any debt left behind after death, unless they've co-signed on that debt or live in a community property state where spouses are responsible for debt incurred during the marriage.

(Couples living in a community property state may both be liable for debts incurred during their marriage, even if they don't co-sign.)

He stated he knew nothing about any debts incurred during the marriage.

Property and Debt Division: Generally, all property acquired and debt incurred during the marriage will be community property subject to equitable division, but there are notable exceptions to that general rule.

Loved ones don't «inherit» debt, unless they've co-signed on a dotted line or live in a community property state (in which case, a spouse is on the hook for debt incurred during the marriage).

Similarly, Florida's laws of equitable distribution inform that both parties are responsible for any debt incurred during the marriage.

Generally, debts incurred during the marriage are community obligations.

Unless the creditor was specifically looking to the separate property of one spouse for payment, all debts incurred during marriage are marital.

Often, collaborative divorce planning seeks the closure or transfer to a single responsible party â $» of joint accounts, or debts incurred during the marriage for which both parties are formally obligated.