So, you want to get married, but you’re worried about your finances? One of the biggest problems when it comes to a marriage proposal is money. If you have any type of debt, it’s always best that you tell your significant other to avoid any type of stress issues in the future.
What happens to your debt before marriage?
First off, what you’re going to find is that your debt won’t go anywhere. It’s still going to be there, and you’re still going to have to pay it. There isn’t a magic wedding pass that you’re going to get, when you’re fighting debt.
Now, onto debt, what you will find that the only way that you will be responsible for your spouse’s debt is that if you put them onto the debt with you. While many spouses won’t do this, you will find that if you add your name to the account itself, then you will be held responsible together.
Now let’s say that god forbid you have a divorce in the future. When you get a divorce, you find out that there is debt still sitting there prior to your marriage. As long as you can prove that you didn’t create it, and it happened before you got married, you generally won’t be held responsible.
Once you’re married, all debts that you accrue while married will hold both of your responsible. If you go on to purchase a home, a car, boat or whatever it may be, once you’re married, you’re looked at as a “one.”
In the end, as long as all of the debt was accrued before the marriage, you won’t be held responsible. In case creditors call, and mistaken your identity, all you will have to do is prove that you don’t owe that debt. Most of the time, you can show marriage certificates, etc to show that you weren’t married at the time.