Legally, debt brought into marriage is typically the responsibility of the person who incurred it. Some married couples choose to pay off separate debts together, but in the event of a divorce, remaining debt brought into the marriage will be owed by the spouse who incurred it.

What happens to assets acquired before marriage?

Any assets acquired before the marriage are considered separate property, and are owned only by that original owner. A spouse can, however, transfer the title of any of their separate property to the other spouse (gift) or to the community property (making a spouse an account holder on bank account).

Does marriage make you responsible for debts?

Debts you and your spouse incurred before marriage remain your own individual obligations—but you’ll share responsibility for debts you take on together after the wedding.

Are spouses liable for each other’s debts?

Since California is a community property state, the law applies that the community estate shared between both individuals is liable for a debt incurred by either spouse during the marriage. All community property shared equally between husband and wife can be held liable for repaying the debts of one spouse.

Who is responsible for a spouse’s debt after marriage?

In common law states, debt taken on after marriage is usually treated as being separate and belonging only to the spouse that incurred them. The exception is those debts that are in the spouse’s name only, but benefit both partners.

Who is responsible for a joint credit account after marriage?

Once you’re married, the rules for how debt liability is divided are a little different. If you cosign a debt or open a joint credit account together, you would still share responsibility for those equally. Whether you’re both liable for a debt that’s in only one of your names after marriage depends largely on where you live.

Can a debt be in only one name after marriage?

This sharing equally is whether you’re both liable for a debt that’s in only one of your names after marriage depends largely on where you live. If you live in a community property state, most debts incurred after marriage may be treated as belonging to both spouses.

Who is liable for a spouse’s debt in a community property?

Whether you are liable for your spouse’s debts depends on whether you live in a community property or equitable distribution state. Whether you and your spouse are liable for each other’s debts depends mostly on where you live.