Remarriage and Financial issues

[stevehlstd]

What is the name of your state (only U.S. law)? California
I am getting remarried in a few months, and a question about financial matters has come up. I still own the house that my ex and I lived in, it is rented out at the moment. The question is...will my new wife be liable for this property if I default on the loan. Or since it was a assets acquired before our marriage she is not liable in any way for it? Also, if we have joint bank accounts does that change any thing?

Thank you,
Steve

 

[FarmerJ]

If there were no children created in your first marriage I cannot imagine there should be any problems with disposition of the assets if you are following a court order. Any luck with trying to sell ? or either you or the ex buying the other out?

 

[LdiJ]

What is the name of your state (only U.S. law)? California
I am getting remarried in a few months, and a question about financial matters has come up. I still own the house that my ex and I lived in, it is rented out at the moment. The question is...will my new wife be liable for this property if I default on the loan. Or since it was a assets acquired before our marriage she is not liable in any way for it? Also, if we have joint bank accounts does that change any thing?

Thank you,
Steve

No, your new wife would not be liable for premarital debt. However why in the world would you consider defaulting when you have a renter?

 

[stevehlstd]

No, your new wife would not be liable for premarital debt. However why in the world would you consider defaulting when you have a renter?

Well, it is a really bad loan, Negative Amortization, and the payment is to keep going up. I would only default on it if something happened, the renters moved out and I couldn't keep get another one in there. Thank you for your reply.

 

[stevehlstd]

If there were no children created in your first marriage I cannot imagine there should be any problems with disposition of the assets if you are following a court order. Any luck with trying to sell ? or either you or the ex buying the other out?

Ok, I didn't go into all the background just gave a nutshell verison. There are two kids, the ex was bought out, the assets were distrubited per the court order, so there is no problems there. It is more a question of liability of in regards to the house and her.

The other question is if there is a lawsuit, someone falls at the property and sues me can they go after the assets that would be in our joint accounts even though she has nothing to do with it?

 

[Ohiogal]

Ok, I didn't go into all the background just gave a nutshell verison. There are two kids, the ex was bought out, the assets were distrubited per the court order, so there is no problems there. It is more a question of liability of in regards to the house and her.

The other question is if there is a lawsuit, someone falls at the property and sues me can they go after the assets that would be in our joint accounts even though she has nothing to do with it?

Yep.****************

 

[stevehlstd]

Thank you All for your responses. I will need to get rid of this property to sheild my new family from the risks of this old debt.
Thank you again!