Are You Responsible For His Debt?

24 Jul 2022 · 1 min

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In this short advisory video, the speaker addresses spouses—both wives and husbands—about whether they are liable for a deceased partner’s debts. She explains that, in general, a surviving spouse is not responsible for the deceased’s individual debts unless they were a joint account holder, a cosigner, or live in a community‑property state where marital debts are shared. She highlights the particular risk of business financing that may be personally guaranteed by the spouse, urging viewers to discover all of their partner’s debts, especially any business obligations, and to seek further guidance.

Chapters

Ladies, stop what you're doing and ask yourself this question. If your husband dies first, are you responsible for his debt? And you might say, no, I'm not responsible for his personal debt. But do you know about all his debts? If your husband has gotten financing for a business, has he personally guaranteed that debt? Is your name on it? Men, you ask yourselves the same questions, but generally the problems come from the men. State law comes into play here, but generally when a spouse dies, you're not responsible for their individual debt. Of course, if you're a joint account owner and you cosigned on a loan, or you're in a community property state where spouses are responsible for some marital debts, then you need to be sure. But the message I convey to all my clients, and I want to convey to you, is make sure you know about all your husband's debt, especially any business debt. Follow me right there for more.