My question involves estate proceedings in the state of: California
My spouse recently passed away. There is a balance on the home equity line of credit. Is my spouse's estate liable for 1/2 the debt?
Thank you
My question involves estate proceedings in the state of: California
My spouse recently passed away. There is a balance on the home equity line of credit. Is my spouse's estate liable for 1/2 the debt?
Thank you
Are both names on the Heloc & house title?
Most likely the surviving spouse is 100% liable for the debt. How the house is titled is immaterial. The question is how the HELOC loan was written but I can almost assuredly guess that both spouses agreed to be liable.
House was jointly owned and both names were on the heloc. Heloc debt was all obtained while married. Wouldn't the heloc balance be allocated equally between the surviving spouse and the deceased estate?
Is the house being sold, with half of the equity being probated as part of the estate?
It seems the debt is community and the community estate is responsible. There really is not a splitting just because of a death. Even the OPs separate property can be taken for the debt as I assume it was obtained during the marriage. The house is the security which is why Mr.Knowitall asked the question he did. Without all the facts, the particular question cannot be answered as the whole of the situation and why it matters is important. But, if one wanted to do what is "fair" or equitable, the asset that secures the debt is the portion that should be responsible for the debt. I suspect the OP is not intending to sell and does not particularly like the implications of the question.