“I now pronounce you husband and wife, you may share each other’s debt”. They say that when you marry your partner, you also marry their quirkiness, their family, and their lifestyle. But, no one ever said anything about marrying their debt and sharing it now! So, what really happens when you marry someone with debt? Are debt and marriage meant to be together forever?

 

Marriage Fighting Over Money

Money and Married Life

For many couples, before getting married they start thinking about how they will manage their money and income. This means merging different aspects of their individual financial lives. Some choose to share checking and/or savings accounts. Others decide to create a household budget that combines joint and individual expenses. 

But something that we tend to overlook or not even talk about is debt. Think about it: If I marry someone with debt, does it become mine? Seems something worth talking about, even more than the possibility of having kids or not! Debt and marriage is not something that should be played around with! 

Financially speaking, if you have debt, even when you marry someone and decide to have joint accounts, your debt will always be your debt and vice versa. Let’s think about this situation for example. Say you have $15,000 in student loans in your name and your future spouse has $10,000 in credit card debt in their name. This doesn’t mean that your $15,000 student loan debt is your spouses’ now or that your spouses’ debt is now yours! So, breathe! 

Now, if you added your partner (future spouse) as co-signer, or even have a joint credit card account and have debt there, then it is your problem now! If your partner co-signed on a car loan or student loan maybe because your credit score wasn’t good enough to get the loan, then they’d still share legal responsibility for the debt even if they don’t even drive that car or go to school! Crazy right? 

When it comes to debt and marriage, some decide that it’s best to go separate ways and let each one have their own debt and take care of it all by themselves. But other people think that it’s best to share everything, from their house to their debt. What team are you on? 

Love, Honesty, And Transparency 

It’s no secret that money is the reason many friendships and even marriages have problems. In fact, about a third of adults with partners report that money is a big source of conflict in their relationships. In order to have better marital finances and relationships, have in mind these tips.

 

  • Ask yourself, am I really committed to this relationship?  If so, you and your partner owe each other a calm, honest conversation about each other’s finances, habits, goals, and anxieties. If you don’t have this conversation, you’re in for a whole lot of trouble. 

 

  • If debt is an issue, try finding a solution with your partner. It could be debt settlement or debt consolidation. Figure it out together. 

 

  • If you are having trouble talking about money, debt, or your financial goals without starting a fight, try to seek out financial help. 

 

Debt & Marriage: Who Will Win? Review 

Bottom line is, if you talk about the most important stuff (kids, goals, DEBT) before saying “I do”, then you will have your happily ever after. Need financial help and an unbiased opinion on your financial situation? Contact Mediator Law Group.