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And if the couple's finances go south, the card issuer may come after you for the entire balance, regardless of whether you used the card heavily -- or never touched it.What will infuriate many joint account holders is to find out that divorce decrees don't eliminate joint debt.For tax purposes, the gain in value from the purchase of the property to the death of the spouse "disappears overnight," Mc Clintock said.Another end-of-life consideration is the administration of an estate, where surviving spouses have important rights, Cohen said.
The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content.For example, if a couple owns a vacation home together in a community property state, and one spouse passes away, the gain in value that the property achieved during the marriage resets.When the surviving spouse sells the property, the gain he or she faces for tax purposes would date back only to the value at the time of the death of their partner.Accounts can be set up as tenancy by the entirety, which is the default account status in some states, he said.
A similar legal status is community property, the treatment of all property in a marriage as jointly owned, regardless of each spouse's contribution.
Being the legal spouse of your beloved conveys important rights when it comes to medical decisions, taxes, inheritance and other important legal issues. Unsecured debt When it comes to unsecured debt such as credit card debt, joint accounts come with obligations that many users don't expect.