 TITLE: Till Debt Do Us Part? How Marriage Affects Debt CONTENT: How Do I Deal With My Spouse's Debt?\n------------------------------------\nWhether or not your state says all your marital debts are conjoined, you and your spouse inevitably will incur some debt together. Even if you live in a common-law state, you may choose to apply for a mortgage or other loans with your spouse so that both of your incomes can be considered in the lending decision application. All this intermingling of debt means both of your attitudes and habits with respect to debt will definitely affect your marriage. Whether it affects the relationship for good or ill is largely a matter of openness and communication.\nBefore the wedding (and continuing at regular intervals afterward), you and your betrothed should determine where you stand financially. Discuss the debts you'll each bring into the marriage, your credit histories, any anxieties you may have around borrowing money or paying bills, and whether or not you've ever gotten in over your head with credit cards or other types of debt.\nOnce you know where you stand, you and your future spouse should talk about priorities in dealing with debts—both the ones you take on together and the ones you bring with you into the marriage. Among potential considerations:\n*   Making the spouse most comfortable with debts and money management the \"payment captain\" (or, perhaps, agreeing to get together monthly to review and pay the household bills).\n*   Determining how much of the joint household funds to allocate each month to cover mutual debts.\n*   Ensuring each spouse can keep up with (and eventually pay off) their individual debts.\n*   Deciding how to handle future debt (for a new home, vacation property, credit cards and so on).\nThese discussions can help you come up with strategies for managing your debt as a couple. For instance, couples who plan to apply for credit jointly in the future might choose to use pooled household funds to pay down one spouse's individual credit card bill, even if the debt is one spouse's alone. END