Are spouses responsible for each others credit card debt?

You are generally not responsible for your spouse’s credit card debt unless you are a co-signor for the card or it is a joint account. However, state laws vary and divorce or the death of your spouse could also impact your liability for this debt.

Who is responsible for your spouse’s credit card debt?

Your spouse-to-be has $10,000 in credit card debt in their name. Neither of you would be responsible for the other person’s debt in that scenario. The exception is if one of you acted as a co-signer for the other person or if you opened a joint credit card account.

Can a husband and wife apply for the same credit card?

For example, a husband and wife can each apply for separate cards, and then authorize the other to use the cards. In total, the couple would have four cards connected to two accounts.

Can a married couple be liable for credit card debt?

In Alaska, married couples can agree to treat their property as community property. Even if you were not otherwise liable for a credit card debt, a judge may still assign the obligation to you in a divorce proceeding.

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 spouse be responsible for their spouses credit card debt?

The main point, though, is that any property or debt accumulated during your marriage becomes the responsibility of both spouses automatically, even if one spouse accumulated that debt in secret for his or her own selfish reasons. There are exceptions to this rule.

How can I keep my wife out of credit card debt?

Credit counselors also work with you to set up a budget and financial goals to keep you out of debt. Such advice could also come in handy much earlier, when starry-eyed couples are just starting out and not even thinking about ramifications of credit card debt. The best wedding gift you could give your spouse and yourself is financial protection.

For example, a husband and wife can each apply for separate cards, and then authorize the other to use the cards. In total, the couple would have four cards connected to two accounts.

How does credit card debt affect a divorce?

If you get divorced and your spouse has lots of credit card debt. As we’ve already mentioned, serious debt is sure to affect your marriage in some way. Unfortunately, if you decide to get divorced, your spouse’s debt problems don’t suddenly stop affecting you.