Legal Question in Credit and Debt Law in Maryland
debt and collections
I am engaged to a man who does not have the assets I do. He does not file income tax (I do) and has a history of not paying his bills. I have an AAA credit report and own 2 properties, one with him, that when we refinanced I had to get the mortgage in my name only, since he couldn't provide previous tax filings. I am wondering, if we get married, am I going to be liable for his debts, and can the IRS seize my properties to satisfy his debts? Is there some way that I can circumvent this problem? He owns his own successful business but is not up on bookkeeping. Thank you.
2 Answers from Attorneys
Re: debt and collections
Absent agreement, one spouse is generally not liable for the other spouse's debts. Likewise, a creditor, including the IRS, can not seize one spouse's property to satisfy the debts of the other spouse. Furthermore, if property is owned jointly by husband and wife as tenants by the entireties, a creditor of one spouse can not levy on such jointly owned property. The issue which you need to focus on is that your boyfriend's failure to file tax returns and pay taxes is a federal crime. If he has a successful business, that means he probably owes taxes. Sooner or later, he's going to need a good criminal defense lawyer. Good luck.
Re: debt and collections
Mr. Koch has given extremely sensible advice. Please note that your credit can suffer indirectly if you own property with him and that property is subject to a deed of trust. In particular, if your husband were to find it necessary to file a bankruptcy for any reason, freqently, mortgage lenders will report that fact on credit reports (i.e. because a property in which they have an interest is the subject of a bankruptcy). Although there may be some question about the propriety of this under the fair credit reporting act, it IS done that way and can be extremely difficult to counteract.
Lawrence R. Holzman, Esquire
Joseph, Greenwald & Laake, P.A.
6404 Ivy Lane, Suite 400
Greenbelt, MD 20770
(301) 220-2200
fax (301) 220-1214
Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.
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