How to Assume a Spouse's Pre-Marriage Debts

It is not difficult to assume a spouse's pre-marriage debts. The law does not require you to assume your spouse's pre-marriage debts, and will divide them accordingly during a divorce. However, if you do assume the debts while you are married, you will be held responsible for them if you were to get divorced. One reason to assume the debts is if you are trying to improve your combined credit score to purchase a house or a car. Additionally, paying them off will put you in a better financial situation.

Instructions

1

List all the pre-marriage debts from your spouse, the interest rates and the amounts currently owed.

2

Decide which debts are worth assuming and which debts you could quickly pay off. For example, debts which are only a few hundred dollars would be easier to pay off than to transfer into your own name. Debts more than $1,000 may be worth the extra financing.

3

Shop your credit unions and banks for the lowest interest non-collateral loan you can find. These may also be called consolidation loans. If one of the loans is a car loan, you may want to refinance it separately since auto loan interest rates may be lower.

4

Apply for the loan that has the best interest rate. It would not make sense to transfer your spouse's debt into your name; rather, you should have a shared ownership in the debt. Transferring the debt solely to your name would put you at risk, if you were to get divorced.

5

Pay off each of your spouse's loans with the money received from the bank. Call the bank to get the correct payoff amounts. When possible, pay the lender directly at the bank or online.

6

Make a plan to pay off your consolidation loan as quickly as possible. The lower interest rates and lump payments could make it easier to pay off your spouse's debt quicker, but you should pay more than the minimum amount due each month.