Alex Is debt shared when married?
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.
How does a non working spouse affect your credit score?
Adding a non-working spouse to your home loan may or may not affect your ability to qualify for the loan. This depends on whether your spouse’s credit score is in the good to excellent range, or just fair. The Effect of Credit Scores
Can a non working spouse apply for a home loan?
If your spouse historically hasn’t worked because they’ve opted to stay home and care for your family, and if they have no credit history at all but really wants to be on the loan, you can take steps to create a history and score for them before you apply.
Can a spouse get a home loan with no credit?
The same applies if your spouse has no credit score at all because all marital loans have historically been in your name. Lenders will look to their lack of credit history when determining financing. Another scenario is that your spouse is unemployed but her credit score is stellar.
What happens if one spouse does not sign a tax return?
When a joint income tax return fails to include both signatures, IRC section 6651 may impose an addition to the tax for a failure to timely file a return when due “unless it is shown that such failure is due to reasonable cause and not due to willful neglect.”
Adding a non-working spouse to your home loan may or may not affect your ability to qualify for the loan. This depends on whether your spouse’s credit score is in the good to excellent range, or just fair. The Effect of Credit Scores
What happens if my wife does not qualify for Social Security?
Correspondingly – if your spouse will qualify for government pension based on YOUR work that were not subject of social security tax – her spousal social security benefits will be reduced as well. But her eligibility for spousal benefits will certainly be based on your eligibility. I have the credits to qualify for ss and medicare.
Can you get Medicare if your spouse does not have enough credits?
Yes – if the person doesn’t have enough credits based on his/her own work history and doesn’t qualify for spousal benefits or any other way – it is still possible to have Medicare insurance. As we know – Part A is free for those who qualify. This – if you spouse will qualify based on your work record – she will not pay Part A premiums.
Who is responsible for your spouse’s credit card debt?
Your spouse-to-be has $10,000 in credit card debt in their name. Neither of you would be responsible for the other person’s debt in that scenario. The exception is if one of you acted as a co-signer for the other person or if you opened a joint credit card account.