We know the Bible says we normally should not co-sign, but what about a spouse. Is it alright to co-sign for a husband or wife?:wavey:
Would you co-sign for this loan
Discussion in 'Money Talk$' started by Salty, Jul 19, 2008.
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Yes. As husband and wife, you are united. No matter what, if either spouse takes out a loan, both of you are responsible for it. You might as well get the benefits of a joint application.
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There is debate about whether someone is prohibited from cosigning another's loan (guaranteeing another's debts). Taken literally, you're right...you'd be barred from doing so because your spouse is another person. But Stefan is right IMHO. I see no reason not to jointly have credit with your spouse, although I'm not sure what is meant by the "benefit"
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Why would you need to co sign for a spouse's loan?
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Saggy, I think in some cases there must be a co-signer "just in case." That way if the main person doesn't pay up, the bank can collect from the co-signer.
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My question is why would you need to co sign for a spouse's loan? Usually they are borrowing together or one or the other borrows. -
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There apparently are tax advantages for the widow/widower if the couple maintained separate savings and checking accounts. This can remove several thousands from the taxable estate. I am not qualified to give details but was just talking to a tax CPA about estate planning.
He also noted that inheratences (SP?) and gifts are NOT community property unless the couple co-mingles the asset in one account.
Further, my cast iron frying pan is NOT community property.