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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Lev. I have a question re: a prenup and related issues sorry

Customer Question

Hi Lev. My name is***** have a question re: a prenup and related issues sorry not just a question, possibly some questions I actually read one of your answers which did help a bit my fiance is in great debt due to his property mortgage and liens I'm afraid that he may end up accruing more debt so want to develop a prenup to protect myself from his future debts at the same time, he is a us citizen whereas I'm under work permit requiring a green card in the future so he will need to sponsor me for a green card
JA: Thanks. Can you give me any more details about your issue?
Customer: I'm in the process of developing a prenup indicating that all including debt and property should be separated we live in california by the way
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Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

A Prenuptial Agreement, is a legal contract made between you and your spouse before the marriage to outline the division of property and finances, if you will divorce or one of you will die.

That agreement will not provide protection from creditors.

If you are looking for such protection - your income and assets should be clearly divided.

While you are NOT legally responsible for your spouse debts - including possible tax debts,

if you own a property jointly - that property may be levied to satisfy either spouse debt.

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Expert:  Lev replied 9 months ago.

When filing jointly tax returns , both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return even if they later divorce. Joint and several liability means that each taxpayer is legally responsible for the entire liability. Thus, both spouses on a married filing jointly return are generally held responsible for all the tax due even if one spouse earned all the income or claimed improper deductions or credits. This is also true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns.

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Expert:  Lev replied 9 months ago.

It would be not so easy to divide income and assets because you are in California that is a community property state.

A spouse's and yours wages, earnings, and net profits from a sole proprietorship are community income and must be evenly split.

Even if you choose to file separate tax returns.

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