What Should You Do If You Married into Tax Problems
IRS problems in your spouse’s past could become yours too. Minimize your liability to the IRS. You shouldn’t have to pay a debt that is not yours.
Do not co-mingle your funds.
Keep separate accounts for your paychecks. The IRS will seize all your money if it chooses to seize your joint bank account as payment for your spouse’s debt. There is no way to distinguish between your and your spouse’s money. It is a prolonged process to recover your share of the money. It is totally better to have separate accounts.
Don’t co-own assets.
You must have the assets you purchased after you marry titled only to you. This makes you the sole owner. The IRS cannot take this property as payment of the tax debt of your spouse. It is also important not to add your spouse�s name to assets that you owned before the marriage. If both of your names are on a title, deed, etc., then it’s fair game for the IRS to seize to pay a tax debt.
A prenuptial agreement must be considered.
A prenuptial agreement is a good way to protect your assets if you reside in a community property state. Your interests will be safeguarded from community property laws, so talk to your lawyer.
Tax returns should be filed separately.
Though filing separately means paying higher taxes, at least the IRS can’t get payment from you for your spouse’s tax debt and you won’t be liable for your spouse’s IRS issues.
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