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Spousal Responsibility for Partner's Debt

  • Thread starter Thread starter My Business
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M

My Business

Guest
Pennsylvania

I have recently married. My husband and I have separate credit cards and checking accounts. The mortgage and deed are in my name only. He has informed me that he has a significant amount of debt. Much of this debt was incurred before we were married; however, he continues to add to more debt.

Am I liable in this situation and if so, to what extent? Do I need to do anything to ensure my home and investments are protected in the event he cannot repay his debts?

Also, we have discussed adding my husband to the mortgage and deed to equitably distribute financial responsibility. If we do this, (1) Can a lien be placed on my home by a creditor since his name is now on the mortgage? (2) If his name is on the deed, does this protect me in situations where I may have legal exposure? (For example: My minor child is responsible for an automobile accident and through legal action is found liable. Can they come after my home for awards in excess of the value of my automobile policy if only my name is on the deed?)

Thanks for helping me out with my business! :confused:
 
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L

luvshawk

Guest
I do not believe the Pennsylvania is a community property state. So I would NOT put his name on the house or anything until ALL of his debt is cleared. Collection agencies, etc will try to tell you that since you are married to him you are also responsible for his debt. This is not true. Since you are married to him you can, if you so choose, make payment arrangements on his debt but if you choose not to the collectors have to leave you alone and speak with him. Since they will not have your name or social security number they cannot come after you for anything. But I believe, that if his name is on the house and deed, they can attach a judgement and/or lien to the house. I am not sure about the liability for the minor child in an accident.


NOTICE: THIS IS NOT LEGAL ADVICE. I am not an attorney. Any and all information in this communication is solely personal opinion and shall not be considered legal advice.

If you think you need legal advice, seek the advice of an attorney
 
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