Marriage, Debt (St. Charles: credit score, transfer, to buy)

[sh1pwr3ck]

I am about to move to St. Charles and get married. Will my new wife become responsible for my previous debts under Missouri Law?

[MUTGR]

Originally Posted by sh1pwr3ck

I am about to move to St. Charles and get married. Will my new wife become responsible for my previous debts under Missouri Law?

Interesting question for this board. The answer is no, although your new wife may be adversely affected by your debt if you both jointly apply for credit in the future (i.e. to buy a house/car/etc.) because your credit score presumably will be adversely affected.

Creditors in Missouri cannot execute upon property held by a husband and wife jointly (tenancies by the entirety) unless they are both obligated on the debt, meaning you both have to agree to be bound and obligated by the debt.

Your creditors can still come after you individually for debt in your name, meaning they can sue you and, if they get a judgment, they can try to execute on assets you hold in your name.

Also, transferring assets now to your wife's name or both your names jointly to hide property from existing creditors generally won't save you because such transfers can usually be set aside. They are called fraudulent transfers.

Hope this was helpful.