Sentences with phrase «debts in community property states»

Equal ownership extends to debts in community property states as well, making both spouses equally liable for debts — even when one spouse was unaware of those debts.

Not exact matches

In addition, your spouse may be liable for your debt if you lived in a community property statIn addition, your spouse may be liable for your debt if you lived in a community property statin a community property state.

A spouse could also be held responsible for the debt if you lived in a community property state.

If you live in a community property state: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin the surviving spouse is responsible for debts incurred by the account holder during his or her marriage — even if the surviving spouse did not cosign.

@NateEldredge Generally in community property states, debts are automatically taken on by both spouses jointly.

A spouse could also be held responsible for the debt if you lived in a community property state.

And even in community property states, debt before the marriage is not joint debt.

If you didn't have a joint cardholder and didn't live in a community property state, available money will be collected from your estate but the credit card issuer would have to walk away from any debt in excess of that.

Whether or not debt can be transferred to a spouse depends on whether or not the deceased person lives in a community property state — including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska.

However, in community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Alaska, which is an opt - in community property state), creditors may pursue a surviving spouse to settle a debt.

If you're purchasing in one of the nation's nine community property states, lenders can consider your spouse's credit and debts even if he or she won't be on the loan.

Put simply, in a community property state, a spouse is responsible for debts incurred in the marriage regardless of which spouse's name is on them.

In reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarIn reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarin the United States depends on the type of state you live in, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarin, namely, whether it is a community property state or common law state.4 In a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forwarIn a community property state, you are not responsible for any debt your spouse incurred before marriage, but are jointly responsible for debt incurred by either of you going forward.

If you live in a community property state, and acquired student loan debt through marriage, you could be liable to pay off your spouse's debt after his / her passing.

In reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law statIn reality, spousal debt in the United States depends on the type of state you live in, namely, whether it is a community property state or common law statin the United States depends on the type of state you live in, namely, whether it is a community property state or common law statin, namely, whether it is a community property state or common law state.

It is important to keep in mind that when you open a joint account with your spouse, you are accepting responsibility for that debt whether you live in a common law or community property state.

One way this can happen is in community property states where any debts acquired during marriage become marital debts regardless of whose name was on the account.

It is possible that you could legally owe the debt of a loved one that passes away if the primary residence (your home) is in a community Property State.

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.

This last rule, of course, does not apply if your husband is going to use your account or be responsible for paying your debts on the account, or if you live in a community property state.

Community property laws vary with each state, so if you have credit card accounts in one of these states, you will want to research state law to see what will happen to outstanding credit card debt at death.

VA buyers in the nation's nine community property states don't have the option of simply forgetting their spouse's debt.

Other situations involve people who live in states that have more far - reaching rules on debt collection for assets, known as «community property states.»

If you live in a community property state, the debt may be divided 50 - 50.

Relatives are not responsible for the deceased member's debt, unless they co-signed for a loan, credit card, have joint ownership of a property or business or live in one of the nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

Keep in mind that Nevada is a community property state, which means you and your spouse will split your assets and debts equally.

However, in community property states, all new property is considered jointly owned, including income, debts, and any purchases.

Debt incurred before marriage or after separation is typically considered «separate debt», however student loans borrowed during marriage may be deemed «marital» debt, especially in the community property staDebt incurred before marriage or after separation is typically considered «separate debt», however student loans borrowed during marriage may be deemed «marital» debt, especially in the community property stadebt», however student loans borrowed during marriage may be deemed «marital» debt, especially in the community property stadebt, especially in the community property states.

In relation to property and debt division, Kansas is a community property state.

In 2015, ten states (and Puerto Rico) have community property laws that determine how debt and property are divided in a divorcIn 2015, ten states (and Puerto Rico) have community property laws that determine how debt and property are divided in a divorcin a divorce.

If you live in a community property state, you both may be responsible for debts incurred on individual accounts during your marriage.

For the most part, if there were zero cosigners attached to a loan, or a widow or widower of a spouse in debt didn't live in a community property state, there's not much creditors can do to reclaim unpaid debt if there's no money left in an estate.

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.

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).

If you acquired student loan debt while married, upon your death your spouse may be responsible to pay your student loans in full if you live in a community property state.

Liability for a spouse's debts depends on whether the divorce happens in a community property or equitable distribution state.

In the ten states with community property rules, both spouses are responsible for most debts incurred by one spouse during the... Continue reading →

If you live in a community property state — Arizona, California, Louisiana, New Mexico, Nevada, Idaho, Texas, Washington or Wisconsin — assets and debts you acquire during your marriage belong equally to both spouses, except in certain narrow circumstances, such as assets acquired by inheritance or gift that you kept separate from your marital assets.

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.

When couples divorce in community property states, all of those assets and debts acquired during the marriage get divided equally.

Now, Nevada is a community property state, so as far as property and debt division is concerned in a joint petition Nevada divorce, it's basically a 50/50 split between the parties.

In special circumstances (in community property states), both spouses can be held responsible for separate (non-marital) debIn special circumstances (in community property states), both spouses can be held responsible for separate (non-marital) debin community property states), both spouses can be held responsible for separate (non-marital) debt.

In community property states, marital assets and marital debts are split down the middle.

In community property states, property and debt acquired while married is divided equally in a divorcIn community property states, property and debt acquired while married is divided equally in a divorcin a divorce.

In community property states, courts award each spouse half of all assets and debts acquired during the marriage.

Since Washington is a community property state with specific rules about the division of assets acquired by either partner during a marriage, dividing up your marital property (including debts) will also be required as a part of that process, just like in a divorce.