If a creditor sues a minor for failure to pay a contractual debt, the minor usually walks away. (The minor might have to return whatever goods were received as a result of the contract, but won’t have to pay any money).
Another exception is that minors are liable for necessaries.
The minor is not the agent of the parent, and cannot bind the parent to a contract, so the parents are generally off the hook.
There is, of course, an easy way out. The parent can ratify the contract or co-sign the contract. A smart creditor will refuse to deal with a minor unless the parent does in fact sign. Then the parent is liable, but only because the parent agreed to be liable.
What happens if the child misrepresents their age? The other party can avoid the contract, and the minor will definitely have to return any goods that the minor received, but will still not be liable on the contract.
In fact, spouses are often not liable for their spouse’s individual debts.*
*Except for necessities. Also things are more complicated in community property states because the community is liable for the debts of both spouses, but individual property is not.
The article is a bit confusing. It implies that they bought their house out-right, but then later mentions that part of the $20k/month goes toward mortgage.
One thing that caught my eye was the diagnosis of “end-stage liver disease.” I thought … cirrhosis? I Googled it and discovered that end stage liver disease doesn’t refer to any particular disease but is generally the end stage of total liver failure, and can be brought on by cirrhosis or liver cancer or, I guess, other causes.
The thing is, cirrhosis caused by alcoholism could explain the early retirement and the interest the wife has in divorce.
No problem.