Is Debt Shared If You Get Married? (Explained)
Does Your Spouse’s Debt Become Yours?
When it comes to marriage, couples share a lot of things – a home, a life, and even finances. But when it comes to debt, couples may be not so eager to share.
When one spouse accumulates debt, the other spouse may be concerned if it will be their responsibility as well. The answer to this question depends on the type of debt and the laws of the state where the couple lives.
Types of Debt
The type of debt is the primary factor in determining who is responsible for it. Generally, there are two types of debt: marital debt and separate debt.
Marital Debt: Marital debt is debt that is incurred during the marriage. This type of debt is usually held jointly by both spouses. This means that both spouses are responsible for paying it off, regardless of who incurred the debt.
Separate Debt: Separate debt is debt that is incurred before the marriage or after the marriage has ended. This type of debt is typically held only by the individual who incurred the debt. This means that only the person who incurred the debt is responsible for paying it off.
Laws of the State
The laws of the state in which the couple lives also play a role in determining who is responsible for debt. Generally, there are two types of states: community property states and common-law states.
Community Property States: In community property states, all debt and assets that are acquired during the marriage are considered to be the property of both spouses. This means that, regardless of who incurred the debt, both spouses will be responsible for paying it off.
Common-Law States: In common-law states, debt and assets that are acquired during the marriage are typically held only by the individual who incurred the debt. This means that only the person who incurred the debt is responsible for paying it off.
Bottom Line
When it comes to debt, couples may be not so eager to share. However, the answer to the question of whether or not the other spouse’s debt becomes theirs depends on the type of debt and the laws of the state in which the couple lives. Generally, marital debt is held jointly by both spouses, while separate debt is typically held only by the individual who incurred the debt. In community property states, all debt and assets that are acquired during the marriage are considered to be the property of both spouses, while in common-law states, debt and assets that are acquired during the marriage are typically held only by the individual who incurred the debt.
Key Points
• The type of debt is the primary factor in determining who is responsible for it.
• Marital debt is debt that is incurred during the marriage and is usually held jointly by both spouses.
• Separate debt is debt that is incurred before the marriage or after the marriage has ended and is typically held only by the individual who incurred the debt.
• The laws of the state in which the couple lives also play a role in determining who is responsible for debt.
• In community property states, all debt and assets that are acquired during the marriage are considered to be the property of both spouses.
• In common-law states, debt and assets that are acquired during the marriage are typically held only by the individual who incurred the debt.
People Also Ask:
Q: Does my spouse’s debt become mine when we get married?
A: Generally, debt that is incurred before the marriage or after the marriage has ended is typically held only by the individual who incurred the debt. However, debt that is incurred during the marriage is usually held jointly by both spouses.
Q: What is considered marital debt?
A: Marital debt is debt that is incurred during the marriage. This type of debt is usually held jointly by both spouses.
Q: Are there any states where all debt is considered marital debt?
A: Yes, in community property states, all debt and assets that are acquired during the marriage are considered to be the property of both spouses.
Does your spouse’s debt become yours? – Most Popular?
Are you going to be responsible for your partner’s debt once you’re married? It depends on where you live and the laws, and it depends whether that debt benefits you both or if that debt was incurred before marriage. Whatever the case, it’s important to discuss with your partner BEFORE you get married. In this video, we explore the different ways debt can be shared if you do get married.
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✅ Resources:
https://www.experian.com/blogs/ask-experian/when-you-get-married-do-you-share-debt/
https://www.badcredit.org/do-you-take-on-your-partners-debt-when-you-marry/
https://www.nolo.com/legal-encyclopedia/debt-marriage-owe-spouse-debts-29572.html
https://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp
https://www.thebalance.com/does-marriage-make-you-responsible-for-your-partner-s-debt-4588332
https://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp
https://www.incharge.org/debt-relief/am-i-responsible-for-wifes-credit-card-debt/
https://www.incharge.org/understanding-debt/family/divorce/
https://www.daveramsey.com/blog/bringing-debt-baggage-into-a-marriage
https://www.hg.org/legal-articles/can-i-be-held-liable-for-my-spouse-s-debts-31801
https://www.divorcenet.com/resources/how-debt-is-divided-in-divorce.html
https://www.equifax.co.uk/resources/debt-management/marriage-and-bad-debt.html
https://www.discover.com/personal-loans/resources/consolidate-debt/combining-finances-in-marriage/
https://www.nerdwallet.com/article/finance/debt-marriage-divorce-wedding-responsible-common-property-law
https://twocents.lifehacker.com/how-to-protect-your-credit-when-you-marry-into-debt-1576458795
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