Marriage and Debt: Is My Spouse Responsible for My Debt?

These days, marriage is about more than just love and commitment-it's also about money. When you marry someone else, you also marry their money and their debt, which can be quite a shock for uneducated newlyweds. When you don't disclose your financial situation to your partner before wedding bells start ringing, you might be in for a rude awakening.

In fact, studies show that money is one of the most prevalent causes of divorce in America today, second only to infidelity. When you discover that your spouse has mired you in debt, you might not have anywhere to go but out. It's far better to get all of the information up front, then decide if marriage is the right way to go.

New Marriage, Old Debt

You've just gotten married and you're carrying a bit of debt with you into the relationship. Is your spouse responsible for your debt? Thankfully, in most cases the answer is "no" because your spouse doesn't have anything to do with past debt. However, there are a few circumstances in which s/he could be held responsible.

For example, let's say that you racked up $10,000 on a credit card that was in your name as a single. When you got married, you added your spouse as a joint account holder, which makes him or her responsible for the debt. If, however, you were to keep the card only in your name until it was fully paid off, your spouse wouldn't be liable for the debt.

In that same situation, if you were to default on the credit card in both of your names, your spouse's credit rating would take a hit, even if s/he had no knowledge of your delinquency. This is where marriage and debt coincide, and the consequences can be ugly.

If you're getting married soon, or if you've just gotten hitched, make sure that you and your spouse disclose all financial obligations to one another. Then you can make an educated decision about combining accounts or adding one another to existing accounts.

My Card, Our Debt

The United States legal system is tricky where this is concerned. Debt incurred outside the marriage does not make your spouse responsible, but any loans or lines of credit obtained during the marriage makes both partners liable.