Its a little misleading. Spouses are not liable for each other's debts under Australian law. One can be liable where they are joint borrowers = this means it is their debt too. If a house is jointly owned and the other spouse becomes bankrupt then only the bankrupt's share of the house is taken. But where both a joint borrowers they are each liable for the whole debt so the other spouse could lose out by being liable for the whole debt and then their share of the assets will be at risk. Best advice is to avoid joint loans where possible.
Oh I think many of us here can relate to "sexually transmitted debt" My ex husband came to me with debt. He was pretty damn useless at savings, so stupid me paid his debts (and then some) When he finally left, he left a decent chunk of "sexually transmitted debt " as well New husband didn't come with debt and any debt we have had has been mutually agreed to.
Would that be different if it was joint-tenancy? In tenants-in-common the share is defined but how does it work in the other case? If all on title goes on loan and if one avoids joint loans how does asset protection work?
If a JT went bankrupt the joint tenancy would be severed and the other owner would own the property as tenants in common with the trustee in bankruptcy (creditors). The non bankrupt owner wouldn't lose their share - unless they also went bankrupt. Each person is a separate legal entity. So if A and B are married had 10 properties with 10 separate loans and if A went bankrupt it will not directly effect B. But if A had 10 properties in his/her name but all the loans were joint, with A and B then B would be liable for the whole debt. Or if B guaranteed the loans then B would be liable for the whole debt. So B could end up bankrupt with A. This is one reason why it is better to buy properties separately to your spouse and why you should avoid joint loans. There are other reasons too - tax and serviceability. I think I cover this topic in Legal Tip 68: Avoid 99%/1% ownership of property Legal Tip 68: Avoid 99%/1% ownership of property
Wouldn't covering up protect one from this transmittable thing. Last time I got checked the nurse gave me some rubbers and said "here, use these next time".
Remind me of the scene in Dallas Buyer's Club when Ron (with HIV himself) spotted a girl with HIV, they rushed to bathroom to have sex. Maybe people with Sexually Transmitted Debt are supposed to be for each other as well.