Liquidating your marrital assessts

05-Oct-2019 21:37

A decedent's estate is considered solvent if the value of all the decedent's assets adds up to 0,000 and his debts, including mortgages and car loans, equal 0,000.The personal representative can pay his bills in full, although she might have to sell the car and the real estate to cover those loans.An estate is said to be solvent if the decedent left sufficient assets and cash to pay off his debts after his death.The total exceeds the amount he owed when the value of everything he owned is added up, including money in his bank accounts.For example, recall the situation where a husband makes a down-payment on a house before marriage (thus making the house his separate property), but after marriage, all of the mortgage payments are made out of the husband’s or wife’s salary (which is community property).

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One similarity between the divorce and death contexts is that the other spouse is entitled to be reimbursed for any community funds expended to improve the other spouse’s separate property, and vice-versa. Exceptions can exist, such as if you're the surviving spouse and you live in a community property state, or if you cosigned on a particular debt, but for the most part, heirs don't "inherit" debt.