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Will my husband's credit affect me if my name is not on any of the accounts?

My husband has a few credit cards to which he owes alot of money. We have had arguments over this issue over the course of our marriage (22 years). I have tried numerous times and in a variety of ways to get him to cut back but to no avail. If something were to happen to him, what effect will this have on me? The credit cards are in his name alone, yet is has continued to worry me for the last two decades. I MUST find out the answer if I am to get this resolved in my mind.

 
Anonymous

Asked by Anonymous at 11:11 PM on Jul. 26, 2010 in Money & Work

This question is closed.
Answers (12)
  • Again though, they can't go after you because you didn't sign for it. And all that stuff about you two being married so they can go after you is NOT true. They can go after things that you thought was yours- like I said earlier, joint accounts, your home etc. but they can't go after you personally. At least not legally.

    If you're worried about it, I would try DaveRamsey.com and his book Total Money Makeover. If you can afford it, maybe by enough term life insurance to cover his debts if something were to happen- and to take care of you.

    Good luck :)
    Erica_Smerica

    Answer by Erica_Smerica at 11:42 PM on Jul. 26, 2010

  • Exactly what Erica said!
    slw123

    Answer by slw123 at 10:26 AM on Jul. 27, 2010

  • Legally, No you are not liable. And you won't be even if he dies. HOWEVER his assets, and any joint assets you two hold together will be "liable."

    So say he dies with $10,000 in debt- then what he OWNS has to stand good for what he OWES. So if he has $10,000 in his savings account- that money goes to his debts first, before going to his heirs. Or say you two have a joint savings account with $10,000 then half of that is yours and the other half is his- so it would go to the debt.

    And if he has no money anywhere they could (depending on which state you are in) force the sale of your home or cars, etc. if they are held jointly or only in his name.
    Erica_Smerica

    Answer by Erica_Smerica at 11:38 PM on Jul. 26, 2010

  • Thank you, Erica. Looks like I have some homework/research ahead of me!
    zboys

    Answer by zboys at 12:23 AM on Jul. 27, 2010

  • If you need to- maybe talk to an estate lawyer just to verify what I'm saying. I imagine that a quick phone call would be free. But honestly I haven't yet dealt with an estate lawyer.

    Also there is a group on cafemom called the Dave Ramsey Fans and they can give you tons of helpful information and advice.
    http://www.cafemom.com/group/3751

    Again, good luck :)
    Erica_Smerica

    Answer by Erica_Smerica at 12:27 AM on Jul. 27, 2010

  • A resounding YES - you are married. Sounds like hubby needs to be hog-tied and some sense knocked into him (said in jest but with a grain of truth) .....
    tasches

    Answer by tasches at 1:46 AM on Jul. 28, 2010

  • I think it depends on your state
    littlestar85257

    Answer by littlestar85257 at 4:35 PM on Jul. 30, 2010

  • Yes, they will just because you 2 are married
    mamaofficer

    Answer by mamaofficer at 11:16 PM on Jul. 26, 2010

  • Yes, on his accounts by name or not, your civil marrige puts you liable for his debt. Most debts get cleared with a death certificate but your and his credit score is still lowered whether he is alive or not. You should introduce him to a financial advisor.
    DonnaPinitonya

    Answer by DonnaPinitonya at 11:16 PM on Jul. 26, 2010

  • If he got the credit cards while you guys were married, yes it will affect you. It's both of your debts and if he's set to collections, you will be sent too. His debt is your debt and vis versa
    mommy_of_two388

    Answer by mommy_of_two388 at 11:17 PM on Jul. 26, 2010

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