My fiancé pays $1,700 a month to the IRS for not filing his taxes. He also still has student debt. We’re both 57. Am I responsible for his debt if we marry?
Dear Quentin, My fiancé and I met at age 42 after being recently divorced. We have children from our previous marriages, but none together. We keep our finances separate. Neither one of us had any savings when we met. We have been together for 15 years.
Last year, he filed his income taxes, and has recently filed for Chapter 13 bankruptcy. With the bankruptcy, he has now entered a five-year payment plan to pay his state and federal income taxes , and other debt including student loans.He must pay $1,700 per month for five years to the IRS. We are now both 57 years old. He is a veteran with a pension. I think he can start drawing his pension at age 62. So at age 62 his money problems should be over! I love this man, and would like to marry him.
“In common law states, debt taken on after marriage usually being treated as separate and belonging only to the spouse who incurred them,” says Timothy Speiss, tax partner at EisnerAmper’s Private Client Services Group. “The exception are those debts that are in the spouse’s name only but benefit both partners. For instance, that might include credit-card debt if the card was used to pay for basic needs like food, clothing, and shelter.
Whatever led him to get into financial straits in the first instance — burying his head in the sand instead of filing his annual taxes and/or not staying on top of his student loans — will not go away just because you both have a ring on your finger. It may be that his pension is not big enough to justify getting married.
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