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Does a husband has right to pay off his debts by using the property owned by his wife?

Does a husband has right to pay off his debts by using the property owned by his wife?

Full question:

I purchased a condo last year using the legacy I received from my late grandmother. My husband wants to sell the condo to pay off a huge debt he incurred in his business. Does he have any right on the condo?

Category: Marriage
Date: 04/07/2025
State: New York

Answer:

In New York, any property acquired by a married woman through her own money even after marriage is the sole property of the woman and the husband cannot claim any right on the property to pay off his debts or expenses. The law is stated in N.Y. Dom. Rel. Law § 50 that reads:

“Property, real or personal, now owned by a married woman, or hereafter owned by a woman at the time of her marriage, or acquired by her as prescribed in this chapter, and the rents, issues, proceeds and profits thereof, shall continue to be her sole and separate property as if she were unmarried, and shall not be subject to her husband's control or disposal nor liable for his debts.”

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Does debt get inherited?

In general, debts do not get inherited by family members. When a person passes away, their debts are typically settled from their estate before any assets are distributed to heirs. If the estate does not have enough assets to cover the debts, the debts usually go unpaid, and heirs are not personally responsible for them. However, there are exceptions, such as co-signed loans or joint accounts, where the surviving party may be liable. It's important to consult with a legal professional for specific situations.

What is a tax on the property and cash assets of someone who has passed away that is then received by a living person called?

This tax is known as an inheritance tax or estate tax, depending on the state. An estate tax is levied on the total value of the deceased's estate before distribution to heirs, while an inheritance tax is imposed on the beneficiaries receiving the assets. Not all states have these taxes, and the rates and exemptions can vary significantly. It's advisable to check the specific laws in your state regarding these taxes.

Do you inherit debt on Reddit?

Inheriting debt is a common concern discussed on platforms like Reddit. Generally, individuals do not inherit debt unless they are co-signers or joint account holders. Debts are settled from the deceased's estate, and heirs are not personally responsible for unpaid debts unless they have legal obligations, such as co-signing. It's essential to understand the specific laws in your state regarding inheritance and debt.

Does debt get passed down on Reddit?

Debt does not get passed down to heirs unless they are co-signers or jointly responsible for the debt. When someone dies, their debts are paid from their estate before any assets are distributed to beneficiaries. If the estate lacks sufficient assets, the debts may go unpaid, and heirs are typically not liable. Discussions on Reddit often highlight these nuances, but it's important to consult a legal expert for personalized advice.