When deciding whether to pop the question ― or agree to a proposal ― its important to consider how debt can alter the relationship. From a legal standpoint, bringing debt into a marriage doesnt mean the other spouse becomes liable for it. That remains the responsibility of the person who accumulated it.
Can a marriage survive debt?
Will you take on their debt too? If your spouse has debt, you wont take it on just because youre now married. If theyve taken debt out in their name only, you wont be responsible for paying it back.
Should you marry someone with a lot of student debt?
Marrying someone with student debt could impact your future financial plans. Student loan debt shouldnt keep you from marrying someone you want to spend the next, oh, 60 years with — if you know what youre getting into. Undisclosed financial problems can put a tremendous strain on your relationship when they emerge.
Are wives responsible for husbands debt?
Generally, one is only liable for their spouses debts if the obligation is in both names. But, unlike a common law state, in community property states all debts incurred by either spouse during the marriage are shared equally, regardless of whose name is on the account.
Will my husbands debt affect me?
In common-law states, only debts that benefit the marriage or debts with both spouses names on them will be considered joint. Business debt or car debt with one spouses name on it will go to the person who incurred it. If kept separate, income and property are treated separately in case of divorce.
What happens if you marry someone with student debt?
Debt you bring into a marriage typically remains your own, but loans taken out while married can be subject to state property rules in divorce. And if one spouse co-signs the others private student loan, he or she is legally bound to the loan unless you can obtain a co-signer release from the lender.
Is wife liable for deceased husbands debt?
Am I Responsible for My Deceased Spouses Debt? When your spouse dies, their debt survives, but that doesnt necessarily mean youre responsible for paying it. The debt of a deceased person is paid from their estate, which is simply the sum of all the assets they owned at death.
Do I have to pay my deceased husbands credit card debt?
When someone dies, debts they leave are paid out of their estate (money and property they leave behind). Youre only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you arent automatically responsible for a husbands, wifes or civil partners debts.