The assets and debts you enter marriage with typically remain your own separate property. But after the wedding, things change depending on your stateâs laws. Common law states keep most new debts made after marriage separate, though community property law states view both spouses as equally responsible, even if itâs only in your spouseâs name.
When you get married, youre ideally signing up for a lifelong partnership that involves creating a home as a pair and working together toward shared goals. However, one thing you might not look forward to sharing upon marriage is each others debts.
Any assets or debts you enter a marriage with are considered your own separate property forever, unless you commingle them with shared funds or add your spouse to the account. However, whether or not youre responsible for your spouses debt incurred after marriage depends on the state where you live and whether you co-borrowed the debt.
Getting married is an exciting milestone in a relationship. It signifies a lifelong commitment between two people to build a future together. However, when marriage is on the horizon, questions about how your finances will be impacted often arise. Specifically, many wonder if they will become responsible for any debts their future spouse may hold.
You Are Not Automatically Liable for Your Spouse’s Premarital Debt
The general rule is that you are not liable for any debt your spouse incurred prior to your marriage. This is called “premarital debt” and includes things like:
- Student loans
- Credit card balances
- Personal loans
- Medical bills
- Car loans
Any debt in only your spouse’s name remains their sole legal responsibility after marriage. The exception is if you specifically agree to take on liability for the debt by co-signing or being added as an account holder after marriage. Otherwise it stays separate.
Joint Debts Are Shared, Individual Debts Are Not
However, keep in mind that any joint debts or accounts you open together after marriage make you equally responsible. For example:
- Mortgage loan
- Auto loan
- Credit cards with both names
- Personal loans with both names
In these cases, you are both on the hook for repayment regardless of who uses the account. Make sure to only take on joint debt very cautiously.
On the other hand, any new debt your spouse takes on individually after marriage is theirs alone You have no obligation to pay off debts that are solely in their name
Community Property States Have Different Rules
There are 9 states known as “community property” states that view assets and debts differently than other states. They are:
- Arizona
- California
- Idaho
- Louisiana
- Nevada
- New Mexico
- Texas
- Washington
- Wisconsin
Here almost all debts incurred during the marriage are considered jointly owned. It doesn’t matter whose name is on the account – you share responsibility. This is an important consideration if you live in one of these states.
Protect Your Finances in a Marriage
While you aren’t automatically liable for your spouse’s individual debts, it can still impact your finances indirectly. Here are some tips:
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Maintain separate bank accounts and credit cards in your own name.
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If buying a house, make sure your spouse pays down debt first to qualify for a mortgage together.
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Create a joint budget to pay off your partner’s debts faster.
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Consult an attorney about a prenuptial agreement to protect assets.
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Check your credit report regularly to monitor accounts opened.
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Communicate openly with your spouse about finances and debt.
Generally, you are not responsible for any debt your spouse brought into the marriage unless you specifically agree to it. However, in community property states, almost all debt acquired during the marriage may be considered jointly owned. Understanding these differences and taking steps to protect your finances can help you navigate marriage successfully. Most importantly, maintain open communication with your partner about money matters.
Am I Responsible for My Spouse’s Debt?
Debts you and your spouse incurred before marriage remain your own individual obligations.
Exactly how spouses share responsibility for new debts taken on after marriage depends in part on state laws and the type of debt. You are usually responsible for your spouses debts accrued after marriage if you became joint account owners or co-borrowed a loan with your spouse, either before or after marriage.
Lets cover exactly when youre legally responsible for debts incurred before and after marriage.
Do You Share Debt Incurred During Marriage?
Debt thats obtained during a marriage is treated differently depending on whether your state abides by common law or community property law. Even if you and your spouse keep your finances separate, the state law has the final say on who owns what.
Note that in this context, “property” is a legal term that isnt limited to real estate or tangible goods; it also means debts, earnings and financial assets.
Dave Ramsey Rant – Should You Marry Someone If They Have Debt?
FAQ
Do you get debt if you marry someone?
In almost every case, you will not be held responsible for debt your spouse has incurred before your marriage. The only exception to this rule is if you become a joint account holder after marriage. If you take this step, you will accept ownership of the debt and be held accountable for its repayment.
Do you inherit someone’s debt if you marry them?
Taking marital vows does not mean you take on your partner’s debts. “If one spouse comes into the marriage with debt, that debt is theirs alone,” Derek Jacques, a family attorney in Detroit, said. In simple terms, if you didn’t sign up for the credit card or loan agreement, you do not inherit your partner’s debt.
Does debt become shared after marriage?
Any debt you have before marriage remains separate, unless you add your partner as a cosigner.
Is your spouses debt yours?
Any assets or debts you enter a marriage with are considered your own separate property forever, unless you commingle them with shared funds or add your spouse to the account.Feb 5, 2024