You are not responsible for your partner's debts just because of your relationship, whether you are married or not. However, you may have become liable for his or her debts because you signed a loan contract as a joint borrower or guarantor, or because you were a director of a family company or a partner in a business.
If they've taken debt out in their name only, you won't be responsible for paying it back. If you take on joint debt with your spouse, however, then you may be liable if they're not able to keep up with their part of the repayment.
Once you're married and you see your spouse is financially irresponsible, it's important to nip it in the bud as soon as possible. This means you'll need to sit your spouse down and be as open and honest as possible. Let it be known that lying about finances and money will not be tolerated in your marriage.
Some financial red flags can include borrowing money from a new partner, hiding important financial information such as a lot of debt or a clear issue with excessive credit card usage. “If you see a disconnect between the words of what your partner is saying, and their actions, then that's a red flag,” says Andrews.
If you were an additional cardholder
If you were an authorised additional cardholder on someone else's credit card account, for example a spouse or partner, the credit card company can't ask you to repay any debts on the card. These are always the responsibility of the main cardholder.
Do You Inherit Debt When You Get Married? No. Even in community property states, debts incurred before the marriage remain the sole responsibility of the individual. So if your spouse is still paying off student loans, for instance, you shouldn't worry that you'll become liable for their debt after you get married.
Usually, a person is responsible only for his or her own debts. So if you did not sign the contract or loan agreement for your spouse's debt, you usually would not have to pay that debt. However, if both you and your spouse signed for the debt, then the creditor can usually come after either of you to get payment.
To protect yourself from the liability you may face from your spouse's spending habits, you may want to consider a prenuptial agreement. A prenuptial agreement is a contract you make with your fiancé to specify how assets and debts will be handled during the marriage and divided in the event of a divorce.
Marrying Debt
The first and most important thing to know is you will not automatically become responsible for your partner's pre-existing debt when you get married. The debts you took out in your name will remain your debts. The debts your partner took out in their name will remain theirs.
Whichever spouse's name is on the account is generally held responsible for repaying it. Put another way, the spouse whose name isn't on the debt is protected from having to cover it. Joint debt may be incurred during marriage in a common-law state if both spouses apply for a loan or credit together.
You are not responsible for someone else's debt. When someone dies with an unpaid debt, if the debt needs to be paid, it should be paid from any money or property they left behind according to state law. This is often called their estate.
You are not responsible for your partner's debts just because of your relationship, whether you are married or not. However, you may have become liable for his or her debts because you signed a loan contract as a joint borrower or guarantor, or because you were a director of a family company or a partner in a business.
Married and common-law spouses have a mutual obligation to support each other. This obligation continues after separation. The court will consider what effect the relationship has had on the economic positions of the spouses. Support may be in periodic payments (usually monthly) or in a lump sum payment.
Once married, you continue to owe your spouse a fiduciary duty regarding finances and property—similar to the duties owed between business partners. You can't hide funds, waste marital assets or send marital income offshore or to another person—like a lover—without your spouse's consent.
The role of a good husband is to be respectful to his wife, communicate openly with her, and be there for her. Apart from this, a good husband should be loyal, passionate, and make an effort to make the marriage work. However, actions speak louder than words.
It is crucial to note that the wife can file a maintenance court case to claim financial support for her and her children without filing a divorce case. The husband cannot claim maintenance from the wife unless the parties have joint assets.
Happiness is an individual responsibility
It isn't until we are well into our marriage that it becomes clear to us that our individual happiness is up to each of us. As long as we hold the other person responsible for providing fulfillment, there won't be an end to blame, resentment, and self-pity.
Just note, the person on the mortgage loan is solely responsible for repayment. The co-owner's name listed on the title does not give them any legal responsibility to help with mortgage payments. And in the event of a foreclosure, only the spouse whose name is on the loan will have their credit damaged.
These “matrimonial” debts would typically include debts incurred to fund building work and improvements to the family home, family holidays or the family car.
Budget: Look at income and expenses for the past several months and put together a budget with your spouse, allocating funds for saving, discretionary spending (fun money), and necessities. Then, track your spending in whatever system you created, and keep an eye on your budget to make sure you don't overspend.
Whether she comes from an affluent family background or she earns good, she serves no duty to run the family in any way. If the wife wishes to contribute financially, she can do so, and Allah (SWT) would bless her immensely. A wife can help her husband with finances to relieve him of his burden and conceal his flaws.
The best way to stop enabling is to first recognize when you're doing it and then create a plan for saying no. Financial enabling can occur between friends and romantic partners but seems most common between parents and their adult children, financial planners say.