Can my wife's credit card debt affect me?

Leopoldo Dibbert asked a question: Can my wife's credit card debt affect me?
Asked By: Leopoldo Dibbert
Date created: Sat, Apr 3, 2021 10:59 PM
Date updated: Thu, Jun 23, 2022 7:30 PM


Top best answers to the question «Can my wife's credit card debt affect me»

But in addition, debts incurred by you or your spouse during your marriage, regardless of whose name is on it, are generally deemed to be community debts, and both spouses are considered equally liable. So, even if the credit card debt was incurred by your spouse alone, you might be liable for it.

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Co-signing on your spouse’s credit card will also make you liable for payments on that card. That fact remains true even if it was your spouse, not you, who did all of the irresponsible spending. If your husband runs up your jointly held credit card playing fantasy football, or your wife runs off on a spontaneous solo vacation with the credit card you co-signed on, you are both still liable for the debt.

How we make money. Your wife's decision to stop paying at least part of her monthly minimum credit card payment will affect you, but probably not in the ways you might think. First, the immediate impact on your personal credit score depends on whether your wife has listed you as an authorized user on any of her accounts.

Does My Spouse's Debt Affect My Credit Score? Getting married cannot directly affect your credit score because the data on which those scores are based—compiled in your credit reports at the three national credit bureaus (Experian, TransUnion and Equifax)—do not include any information about marital status.

Access and review all credit card statements. Of course, you could just ask your husband what he spent all that money on, but as he hasn’t been truthful in the past, there is no guarantee that he will be now. Therefore, either pull up the statements online or get on the phone with each credit card company and request they be sent or e-mailed to you.

Even if you do live in a community property state you can avoid exposing your spouse to liability for your unpaid debts by specifically maintaining separate accounts instead of a joint bank account whenever possible, requiring your creditor to agree that you alone will be responsible for your debts and seeking legal advice on how to hold real estate as separate property while married in a community property state.

Only joint credit will link you and your spouse together so marriage alone is not enough to impact your credit rating. Another common myth associated with marriage is that once a partner changes their last name, their credit history is deleted and their file starts again.

There are two reasons it's important to understand whether you're responsible for a partner's debt after you're married. First, there are potential consequences you may face if a debt goes unpaid. If you've co-signed a debt or opened a joint account , late or negative payments could affect both your credit reports and scores.

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