Reported 8 months ago
In an episode of Suze Orman’s Women & Money podcast, a California woman sought advice on whether she would be responsible for her husband’s credit card debt if something happened to him. Orman explained that in community property states like California, spouses share assets and debts acquired during marriage equally, regardless of whose name is on them. This means the woman would likely be responsible for her husband's credit card debt incurred during their marriage if he passed away. It was emphasized that being financially savvy before marriage could prevent such situations, and prenuptial agreements provide an option to opt out of community property laws. Advice on handling a spouse's debt in community property states was also shared.
Source: YAHOO