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URL:  https://boards.fool.com/credit-and-community-property-30170918.aspx

Subject:  credit and community property Date:  7/26/2012  9:04 PM
Author:  possum2000 Number:  305645 of 312592

I am looking for information and general ideas about how to separate finances from a legal perspective when married and living in a community property state.

I understand eventually I need to talk to a lawyer and that nobody on here is giving me legal advice. I'd just like to be better informed before shopping for lawyers.

What's happening is that my husband and I keep separate accounts for everything. My income is mine, his is his (from our perspective). I pay most or all our living expenses, we live in my house from before the marriage. Turns out he is rather terrible at paying bills ontime and consequently has had several accounts in collection that keep popping up. In one recent collection it went to court for "entry of default" judgment and I got named on the lawsuit because of living in a community property state. I frequently don't hear about any of it unless I happen to see a suspicious letter in the mail and open it first.

I haven't checked my credit report lately (I'm planning to) but my credit rating should be very high, it was last I checked. Nothing ever late, low debt utilization, etc.

My first goal is to protect myself, my credit, my assets from getting attacked or damaged due to his actions or inactions with creditors. I am wondering if there is a legal way to do so... for example (too late now but) a prenuptial agreement disclaiming community property, separate accounts (which we have) with some kind of legally binding agreement or document that our accounts are separate property not community property. Can I legally get access to his credit report, bank accounts, put watches on his credit reports? Other ideas?

Yes I have other goals like getting him to pay his bills ontime and clean up his own credit which I'm guessing is wrecked currently and may take years to age off his record. But as I said my first focus is to protect my assets and my credit rating.

Thanks in advance
Possum
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