If I marry a person with bad credit and their home is foreclose on, do I assume any of those debts in a community property state if my name is not on anything?
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If I marry a person with bad credit and their home is foreclose on, do I assume any of those debts in a community property state if my name is not on anything?
Asked on May 15, 2012 under Family Law, Arizona
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, you do not necessarily assume their debt when you marry. It is in his name solely. But you need to realize that it can indeed have an effect upon you and your marital assets. If a creditor attaches a joint bank account or takes your tax refund if you file jointly you are being penalized. So I would suggest that you have him deal with the issues before you marry. Try a deed in lieu of foreclosure and a waiver of deficiency. Or a short sale and waiver of deficiency. Good luck.
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