Q: I'm getting married in December, and my fiance has about $25000 in Federal tax debt from 2012.
My fiance is currently paying the debt through an installment agreement, but is trying to settle the debt. What can I do to protect my assets from his debt? We live in California.
A: So long as your fiance maintains good standing with his Installment Agreement, the IRS should not attempt any enforced collection such as bank levies or wage garnishments. However, if he ever defaults on his Installment Agreement, the IRS would be able to collect against any assets (bank accounts, homes, etc.) that you own jointly with him. So, to protect your assets from garnishment, you should keep your own separate bank account (where only your income is deposited) and keep any valuable assets in your name alone.
A: Have him take care of his tax issue timely and properly. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Estate Planning and Tax Attorney, CPA.
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