Getting Married Does Not Entail Liability for the Spouse’s Old Debt
Many people believe that marrying someone automatically makes you responsible for their past debts. This is absolutely not the case, but it is a myth that does not seem to go away.
Let’s say your fiancé has a bad credit history after taking out a huge student loan and he or she had a hard time getting it back. Their financial history and habits may indirectly affect you, but by law you won’t be hooked for everything they suffered prior to your marriage, including this student loan. The Wall Street Journal explains that if you don’t refinance this debt together, your credit histories will remain separate and you won’t take on their debt:
Many couples think that marrying each other means consolidating their debts, but this is usually not the case. While many couples choose to pay debts together, neither spouse is usually required by law to pay off a debt the other received before marriage, according to John Ulzheimer, president of consumer education at credit monitoring service SmartCredit.com. the spouse may lose this protection. If you refinance a loan with your significant other and list your name on the loan bill or add yourself as a joint credit card account holder, you are more likely to be liable for those debts, even if your spouse took over them. before. marriage, he says.
People are probably confused by this myth because when you get married, yes, you can be responsible for all the debts your partner takes on during marriage. It depends on a number of different factors, namely whether you live in a community or in a common law state. And, again, your spouse’s past debt can indirectly affect you, and as the WSJ points out, there are some circumstances in which you can be held accountable. In this guide, we’ve covered in detail how to protect your credit when you get married .
In general, however, no, getting married does not automatically entail legal liability for your new spouse’s old debt.
To learn more about debt myths, see the full Wall Street Journal article below.
12 Debt Myths Confusing Consumers | Wall street journal