Did My Husband Assume My Debt When I Got Married?

For many people, getting married also means marrying their finances. While the debt you bring into a relationship is your responsibility, it may impact your spouse's finances in other ways -- in particular, any credit you apply for jointly in the future. It's vital to discuss your finances openly so that neither party is surprised when it comes time to open a joint account or apply for a loan together.

Prior Debt

Any debt accumulated prior to the date you got married is not the responsibility of your spouse. According to Catherine Williams, president of the Consumer Credit Counseling service of greater Chicago, spouses are not responsible for each other's debt accumulated before getting married. However, she encourages spouses to work together to pay down debt to qualify for good rates on future loans.

Obtaining New Credit

If you intend to apply for loans in the future, both your credit scores will count toward the loan decision and the interest rates. Therefore, even if your husband doesn't assume your debt, he may still be impacted by your debt if it's weighing heavily on your credit score. Smart Money points out that couples generally apply for mortgages together, so working together to pay down your debt is in the best interest of your larger goals.

Community Property States

In most states, spouses are not responsible for each other's debt even after they get married if their accounts are separate. If an account is joined, both parties are considered owners of the account and are equally liable for the debt incurred on it. Only in community property states are spouses responsible for one another's debts regardless of whether the accounts are joined or separate. The states that observe community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas and Washington. Wisconsin also uses community property statutes, under the Uniform Marital Property Act.

Considerations

Even though your spouse did not assume the debt you incurred before getting married, it's important to communicate about your financial state throughout your relationship. Set up weekly or monthly meetings to discuss your finances so that you may work together on paying down your debt and meeting goals, such as saving for the down payment on a house. Certified Financial Planner Ginita Wall suggests rewarding yourself with a date after these meetings so that you actually look forward to them.