Readers ask: Why Does The Liability For A Debt Have To End At Death To Be Reported As Alimony?

Can creditors go after spouse?

In California, the community property is liable for the debts of either spouse. In fact, the community property is liable for the debts that either spouse brings to the marriage as well as the debts incurred during marriage. Nor can that creditor take property you acquire after the marriage ends.

Is one spouse responsible for debts of other?

Since California is a community property state, the law applies that the community estate shared between both individuals is liable for a debt incurred by either spouse during the marriage. All community property shared equally between husband and wife can be held liable for repaying the debts of one spouse.

What is the purpose of alimony?

The purpose of alimony is to limit any unfair economic effects of a divorce by providing a continuing income to a non-wage-earning or lower-wage-earning spouse.

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What is considered marital debt?

Marital debts include all of the debts that a couple incurred during a marriage, which are due and owing at the time that an action for divorce is filed in the New York Supreme Court. The debts can include private loans, student loans, personal loans, mortgages, lines of credit, credit card debt, and medical debt.

Does spouse inherit credit card debt?

Am I Responsible for My Deceased Spouse’s Debt? When your spouse dies, their debt survives, but that doesn’t necessarily mean you’re responsible for paying it. The debt of a deceased person is paid from their estate, which is simply the sum of all the assets they owned at death.

Is husband liable for wife’s credit card debt?

You are generally not responsible for your spouse’s credit card debt unless you are a co-signor for the card or it is a joint account. However, state laws vary and divorce or the death of your spouse could also impact your liability for this debt.

Does a husband have to support his wife during separation?

If you’re in the process of filing for divorce, you may be entitled to, or obligated to pay, temporary alimony while legally separated. In many instances, one spouse may be entitled to temporary support during the legal separation to pay for essential monthly expenses such as housing, food and other necessities.

How do I protect myself financially from my spouse?

Here are eight ways to protect your assets during the difficult experience of going through a divorce:

  1. Legally establish the separation/divorce.
  2. Get a copy of your credit report and monitor activity.
  3. Separate debt to financially protect your assets.
  4. Move half of joint bank balances to a separate account.
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What debts are forgiven when you die?

No, when someone dies owing a debt, the debt does not go away. Generally, the deceased person’s estate is responsible for paying any unpaid debts. The estate’s finances are handled by the personal representative, executor, or administrator.

Does living with someone affect alimony?

Yes. Cohabitation terminates alimony as long as the couple is living together on a continuing and conjugal basis. Paying spouse must file a motion for termination of alimony. The paying spouse can stop paying as of the date a court finds the cohabitation began.

Can you get alimony if you cheated?

In California, an adulterous spouse isn’t forced to pay alimony due to infidelity. Punitive damages are not awarded on this basis. Instead, alimony is only required based on the financial needs and abilities of the spouses.

What should a woman ask for in a divorce settlement?

Keep reading for details about what you should expect to cover in your divorce settlement negotiations, which will likely include: Division of assets (real estate, investments, other property) Division of custody and time sharing of kids. Child support/ alimony.

Do you split debt in a divorce?

In California, each spouse or partner owns one-half of the community property. And, each spouse or partner is responsible for one-half of the debt. Community property and community debts are usually divided equally. You may have more community property than you realize.

Is finances the leading cause of divorce?

According to the study, financial disagreements were the strongest disagreement types to predict divorce for both men and women. In a poll conducted by www.DivorceMagazine.com this summer, the leading cause of divorce was found to be financial issues, followed closely by basic incompatibility.

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What are my rights if my name is not on the mortgage?

The lender typically has a lien on the house, meaning that the spouse whose name is on the mortgage does not pay, then the bank can foreclose in order to get their money back. It will not matter if your name is on the deed, since it was added to the deed after the home was mortgaged.

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