Clients and friends are always asking me financial questions. You might have similar questions so I have decided to share them with you. I will try and post at least 1 per week.

Am I liable for my spouse’s debts?

Answer:

The general rule is that spouses are not responsible for each other’s debts, but there are exceptions. Many states will hold both spouses responsible for a debt incurred by one spouse if the debt constituted a family expense (e.g., child care or groceries). In addition, community property states will hold one spouse responsible for the other’s debts because both spouses have equal rights to each other’s income. Also, you are both responsible for any debt that you have in both names (e.g., mortgage, home equity loan, credit card). Bottom line-pay attention to ALL the debt your family accrues.

As always, you can consult with me to discuss  your current situation.  Check out my recent post on Traditional IRA’s.

If you have a question, feel free to send it to Jared@artoffinancialplanning.com

Thanks for stopping by and I hope you achieve financial success!