Does getting married combine your debt?

Getting married typically merges a lot of financial decisions. Couples may open joint bank accounts, apply for a mortgage together or start planning around shared savings goals, all while figuring out how two sets of income, expenses and financial habits fit into one household. If one or both parties brings existing debt into the marriage, though, it can make that process considerably more complicated.That can be a big issue right now, as credit card balances and other debts are currently a major issue for millions of Americans. High-rate credit card debt, in particular, has been ticking upward nationwide, and in many cases, it now takes up a significant portion of a borrower\u0027s budget each month. Those monthly debt payments can impact the amount that\u0027s available for housing costs, emergency savings and retirement contributions, even if the plan is to keep some finances separate after marriage.And the legal side of debt can add another layer of confusion. Marriage changes certain financial rights and responsibilities, and understanding those distinctions can help couples avoid costly mistakes. So, does getting married combine your debt \u2014 or do those debts remain individual responsibilities? That\u0027s what we\u0027ll examine.Find out how to start the debt forgiveness process today.Does getting married combine your debt?Marriage itself generally does not automatically combine two people\u0027s existing debts. If you enter a marriage with a credit card balance, personal loan or other debt solely in your name, that debt will typically remain your individual responsibility.For example, if one spouse enters the marriage with $15,000 in credit card debt on an account held in their name, it remains that person\u0027s responsibility to repay. Getting married doesn\u0027t add the other spouse to the account. The same principle applies to other individually held debts like personal loans and auto loans. However, those payments can still affect the household budget, even if only one spouse is legally responsible for paying them.The situation changes, though, when spouses jointly borrow money. If you and your spouse apply for a joint personal loan, mortgage or another form of credit together, both borrowers are typically responsible for repayment. That can have important consequences if the relationship or household finances change.A divorce agreement, for example, may assign responsibility for a joint debt to one spouse, but that generally doesn\u0027t remove the other person\u0027s contractual responsibility to the lender. If any payments are missed, both borrowers\u0027 credit could potentially be affected.If you take on debt individually during marriage, the rules can become more complicated. In most states, a debt taken out solely by one spouse will generally remain that spouse\u0027s responsibility. The rules differ, however, in community property states, where certain debts incurred during the marriage may be treated as obligations of the marital community, even if only one spouse\u0027s name appears on the account.There can also be exceptions involving debts used for household necessities or other shared expenses. Because state laws vary, couples dealing with substantial debt may want to understand the rules that apply where they live rather than assuming that an account in one person\u0027s name can never affect the other.Learn more about the debt relief options you can use now.What should you do if debt is putting pressure on your finances after marriage?The debt repayment process can still affect a couple\u0027s shared financial picture, even when one spouse isn\u0027t legally responsible for the other\u0027s debt. If one party\u0027s large monthly debt payments are making it difficult to cover essential expenses or make progress toward financial goals, it may be worth reviewing the available debt relief options.For manageable balances, couples may want to start by creating a repayment strategy that prioritizes high-rate debt or by exploring a debt consolidation loan that replaces multiple balances with one payment. A credit counseling agency may also be able to set up a debt management plan that can simplify the repayment process and reduce interest rates or fees.Debt settlement, sometimes referred to as debt forgiveness, may be another option for borrowers who are struggling with substantial unsecured debt and cannot realistically repay the full amount. With this approach, creditors are asked to accept less than the amount owed in return for a lump-sum payment. However, settlement can come with significant drawbacks, including fees, potential credit damage, collection activity and possible tax consequences on forgiven debt.And, there may be other options too, like creditor hardship programs or balance transfers, depending on the overall financial picture. Before making a decision or enrolling in any debt relief program, though, it\u0027s important to weigh the potential benefits and downsides to each option, as any approach taken is likely to impact both parties\u0027 finances, whether that\u0027s directly or indirectly.The bottom lineGetting married can make your financial lives more interconnected, but that doesn\u0027t mean every debt automatically becomes a shared legal obligation. The party responsible for repayment generally depends on when the debt was incurred, who borrowed the money, the type of account and applicable state law.That\u0027s why it can be useful to review both partners\u0027 debts before combining accounts or applying for new credit together. Knowing which obligations are individual and which are shared can make it easier to build a household budget and determine whether a repayment strategy or debt relief option is necessary. And if the legal responsibility for a particular debt is unclear, especially in a community property state, getting guidance from a qualified debt expert or financial professional can help clarify where each spouse stands.