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Marriage brings new considerations for debt

July 2, 2015 by · Leave a Comment 

Marriage brings new financial headaches and help for many especially if your new spouse has a load of debt. Your partner for life may get you into mountain of debt if you don’t take certain steps to your protect you.

  • Good news is that if your spouse obtained these debts prior to your marriage, he or she is totally responsible and you don’t have to be responsible.
  • Unfortunately, if you combine your spouse’s debt after marriage, then you will be responsible for that debt. Before transferring both of your debt into a new lower interest credit card, consider consequences of that action carefully.
  • Both spouses will be responsible for any new debt taken after marriage regardless whether they are taken only in one spouse name or not. Newly married do lots of things together such as buying a home or a new car. All these actions will have consequences as well as both spouses credit history will come into play.
  • Laws regarding debt for married couples are different from state to state. So, consider them before obtaining new lines of credit or combining debt prior to marriage.
  • Having a plan to pay down debt and become debt free always help. After marriage both spouses needs to commit to a plan.

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