• Skip to main content
  • Skip to primary sidebar

Ask Liz Weston

Get smart with your money

  • About
  • Liz’s Books
  • Speaking
  • Disclosure
  • Contact

marriage and money

Q&A: Speaking of credit cards, what if a spouse has a balance when they die?

August 7, 2024 By Liz Weston

Dear Liz: When a spouse dies, is the surviving spouse responsible for outstanding credit card debt from a card issued only in the deceased’s name?

Answer: In community property states — including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — debts incurred during marriage are usually considered owed by both spouses, even if only one spouse’s name is on the account. In other states, debts can be considered separate, but creditors typically are paid out of the dead person’s estate before any remaining assets go to heirs.

Filed Under: Couples & Money, Credit & Debt, Credit Cards, Q&A Tagged With: community property, Debts, Marital Debts, marriage and money

Q&A: My ex-wife lent my money to her boss. What can I do?

June 10, 2024 By Liz Weston

Dear Liz: I recently found out that my ex lent one of her former bosses $2,500 to get his brother out of jail on bond. My ex took the money out of a joint account that I had opened with the inheritance I got when my dad died. It’s now been four years and I haven’t received a penny of the loan back. I could really use the money now as I have medical bills to pay. Question is who do I go after? My ex or the boss?

Answer: You may have read in this column that inheritances can be kept as separate property, even in community property states where other assets acquired during marriage are generally considered jointly owned.

An inheritance can lose its status as separate property, however, if it’s commingled with joint funds. That’s what you did when you opened a joint account with the money: You gave your ex access to the funds.

You certainly can ask the ex and the boss to give the money back. You could try small claims court if that doesn’t work. You also could hire an attorney, but the costs of trying to get the loan repaid may well exceed the amount at stake.

Filed Under: Couples & Money, Estate planning, Inheritance, Legal Matters, Q&A Tagged With: community property, Inheritance, joint accounts, marriage and money, separate property

Monday’s need-to-know money news

July 10, 2017 By Liz Weston

Today’s top story: 3 money tools to save you from yourself. Also in the news: Why paying off debt with retirement money can be dangerous, how to make money selling stuff online, and why you should think twice before giving up financial control at the altar.

3 Money Tools to Save You From Yourself
We could all use a little help.

A High-Wire Act: Paying Off Debt With Retirement Money
A dicey proposition.

How to Make Money Selling Stuff Online
Putting money in your pockets by creating room in your closet.

Think twice before giving up financial control at the altar
Create a balance instead.

Filed Under: Liz's Blog Tagged With: couples and money, debt, marriage and money, money tools, retirement savings, selling online

Primary Sidebar

Search

Copyright © 2025 · Ask Liz Weston 2.0 On Genesis Framework · WordPress · Log in