Filing Seperately

[shortyg]

I am married and filing seperately. I do not work, I haven't in 4 years (stay at home mom) and go to school full time. My husband is unemployed (on unemployment benefits) and is also in school.

I have a personal checking account which I plan to list but have a question about another account. My husband opened a business and we opened a business checking account, but with the economy nothing became of the business. Do I have to list this account, even though its a business account and should have nothing to do with personal bk?

[BKDefender]

I don't know what state you are in so it makes answering your question a little difficult.
In Nevada, income earned by either spouse is considered community property. If the business was a sole proprietorship (i.e. not a legal entity itself, LLC/S-Corp/C-Corp) then in Nevada half of all money in that account would be yours and is thus an asset.
If it is a legally separate entity then it would still be considered owned by the community (community=combination of you and your spouse) so if it had cash in the bank account and did not have any liabilities, then it could be closed down and you and your spouse would get the cash, so it would be an asset of the estate.

Again, it depends on how your state treats income of a spouse - separate or community.

--William

[shortyg]

I am in Minnesota. I am not sure how our state views things. The business is incorporated, I'm not sure if that changes anything.