Am I responsible for his debts on his name after? we also individually filed taxes. Am I responsible for what owed IRS?My spouse is terminally ill. Has last will. No assets. House in my name. Am I responsible for his debts after?
instead of death it will be debt apart.pls. get some advice from the professinals.good luck !My spouse is terminally ill. Has last will. No assets. House in my name. Am I responsible for his debts after?
It really depends on the state in which you reside if it is a spousal liability state then yes you can be held liable for all debts your husband has, if not you would not be responsible for his personal debts but you would still be responsible for any joint debts you have incured. You would really need to speak to a lawyer to find out the specifics.
yes, unfortunately you will be liable for his debt. Once you marry him, you marry his debt too.
Yes, you will be liable for his debts.
A consultation with a certified, fee-only financial planner might help you get your affairs in order. www.nacfp.org will having listings in your area.
No...it will be considered an estate only if the property is under his name or a conjugal property. If not, then any lending party can't touch any property that is not under your husband's name. Just make sure that you didn't sign any papers saying that in case of non-payment your property (ies) will be considered a collateral in accordance to the amount of the loan, THEN you're sure that nothing's gonna be taking your properties away (you can also make that a ground of defense in court just in case they try to...).
Also, a suggestion to do: Why not transfer the title of your property to any of your relatives, BUT PLEASE make sure that make a written notarized contract this will only be for a certain period of time, that they CANNOT do anything nor sell the property to anybody. Then, after all the troubles are gone, then cancel the make up agreement and formalize your papers again.
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