Many people believe that being married means you automatically take on your partner’s debt. While it is true that assets you accrue during the marriage can be considered joint assets, that is not always the case for debts. You will only be legally responsible for your spouse’s debts if both of your names were used when you incurred the debt. It is not uncommon for only one spouse in a marriage to file for bankruptcy individually. Many of these single-spouse situations happen when a couple is married and one spouse has debt that they are having trouble repaying. For some couples, a major concern is whether or not they should file for bankruptcy jointly or separately.
Community Property and Community Debts
Before you decide if you will be filing for bankruptcy separately or with your spouse, it is important to look at the entire situation. Texas is a community property state, meaning that most of the property that was acquired during the marriage is jointly owned, or belongs to the “community,” which is you and your spouse. Because of this, even if just one spouse files for bankruptcy, all of the community property becomes part of the bankruptcy estate.
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