Real Answers for Life’s Money Challenges

I am 59 and was recently married.

I just learned he is in debt for over $200,000.

As of right now, all of our financial stuff is separate.

A woman holds up an umbrella as she drowns in the sea.

If he passes away, am I responsible for his debt even though it was acquired before our marriage?

Also, are we better off filing our taxes separately?

But more on that shortly.

Dear Penny

Generally speaking, youre not responsible for debts your spouse incurred before you married.

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Only a tax adviser can tell you that.

If you filed a joint return and had your refund intercepted, you could apply for injured spouse status.

Then you could collect your half of the refund.

I have so many questions.

Do you know how he acquired the debt?

Is he current on payments?

Did he tell you about his debt, or did you discover it on your own?

There are a lot of reasons someone could acquire massive debt.

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

But what if your car breaks down, or you have a sudden medical bill?

I worry about any future debt he could incur.

The fact that he kept such a big secret makes me question his trustworthiness.

In the worst-case scenario, he could take out fraudulent debt in your name.

No matter how much you keep your finances separate, your husbands debt affects you.

Maybe this marriage is worth it to you.

But thats something he should have made you aware of before you exchanged vows.

Assuming this isnt a dealbreaker, you gotta bring everything about your finances into the open.

You should both review each of your three credit reports.

verify you understand every debt thats listed.

There are no dumb questions when youve just discovered your spouse has six figures of debt.

Be vigilant about monitoring your credit reports, as well.

Did you know?

Typically, Id suggest doing this on a monthly basis.

But given the amount of debt involved, this should be a weekly occurrence.

This would be a temporary solution.

Regardless of how you proceed, under no circumstances should you combine finances.

Dont make your husband an authorized user on your accounts.

Do not co-sign for him.

Do not open any joint accounts together.

This is about way more than $200,000 of debt.

Your husband kept an enormous secret from you.

Right now, your husband has a long road ahead.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.

She writes the Dear Penny personal finance advice column.

Send your tricky money questions to[email protected]or chat with her inThe Penny Hoarder Community.

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