Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: My husband and I have been separated for over a year and live 6 hours apart. He’s running up credit cards and taking out payday loans. If something should happen to him, will I be responsible for those bills?
A: That depends on your definition of separated. Are you just living apart? Or, have you filed for a legal separation?
Unfortunately, if you have simply decided to take a break from each other, whether he moved across the country or just across town, you are likely responsible for half of these debts if you divorce (or all of them if he is unable to pay). In the same fashion, marital property (including the assets that you’ve continued to accumulate during the time you’ve been separated) belongs to both of you. If, however, you did file for legal separation, that starts the clock on when both the money you (and he) earn and the debts he (and you) rack up belong to each of you as individuals.
It’s time to talk to a lawyer. You need to think about protecting yourself and your own financial future. This is true even if your ultimate goal is to preserve this marriage. Figure out what steps you need to take now for your own security. Then talk to your husband about looking for a not-for-profit credit counselor who can work with him to stop the cycle of payday loans and repay the other debts he’s incurred.
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