Sentences with phrase «of debt incurred during the marriage»

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.

Not exact matches

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.

However, debts incurred jointly during the marriage are the responsibility of both spouses — regardless of who actually spent the money.

The court may decide one spouse is responsible for all joint debts and liabilities of the parties incurred during marriage.

Just as you need to determine what you own, you will also need to make a determination of all of the debts that you or your spouse have incurred during the marriage (without respect to the name in which it was incurred).

All debt incurred during the marriage, no matter by whom, is generally considered to be the community debt of both parties.

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.

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