DEBTS Flashcards
1
Q
Debts Checklist
A
- Community Property Liability
- Separate Property Liability
- Divorce
2
Q
Community Property Liability
A
The marital economic community is subject to debts incurred before or during marriage, but not those incurred during separation or after divorce. The non-debtor spouse can shield her CP funds from creditors by depositing them into a bank account that cannot be accessed by the other spouse
3
Q
Separate Property Liability
A
A creditor may access the SP of the debtor spouse to pay off debts incurred before or during marriage but may not access the SP of the non-debtor spouse.
4
Q
Divorce
A
Upon divorce, a debtor spouse is responsible for debts he incurred before marriage, and those incurred during marriage that did not benefit the marital economic community.
