Quoted from Artimage: Here in the US a husband is liable for his wife's debts and vice versa. That sounds really bizarre to me and sets of my Spidey sense; Mike can't finish the pins because all the money is now trapped in accounts that he can't access. Obviously I want to be considerate because of his loss, so please set me straight if that is a common practice "down under".
Hey Artimage, thanks for listening mate...much appreciated. Yeah it's not uncommon to separate assets between members of a married couple in Oz. Obviously it can be done a bunch of different ways, for a variety of reasons...but I'd think primarily as a way to manage taxable income. That's why I'd do it - Mike would've had his own reasons. As far as liability & the law is concerned I'd only be speculating...but unlike the US, my understanding is that as Aussies we don't assume the debts of our husband or wife. Aussie legal eagles feel free to clarify/correct.