Am I Responsible For My Spouse’s Debt? What You Need to Know

When a couple gets married, there’s no denying that there will be shared responsibilities. However, that line can be quite unclear, especially when it comes to debt. There’s no denying that financial pressure can put a lot of tension in a marriage. 

For this reason, couples commonly wonder if there is a legal responsibility for the other spouse’s debt. This is an excellent question, and the answer is pretty straightforward — no, one is not legally liable for the spouse’s debt.

Working with debt consultants should clear any confusion involving financial health and how it can negatively impact a couple’s marriage.

Determining the Liability of the Couple Struggling with Debt 

Dealing with debt can be tricky, especially if it involves marriage since one inadvertently affects the other. Fortunately, there are two critical questions that can determine whether the spouse is liable for the other partner’s debt: 

1. Does Signing a Loan Agreement Hold the Couple Liable for the Debt?

To be liable for the debt, one must have signed the loan agreement. If the couple signed the agreement, then both have joint debt. To confirm this, one can simply check their current loan statement.

2. When a Spouse Requests a Secondary Credit Card from the Lender, Does That Make the Couple Liable for the Debt?

Another way to determine a person’s liability for the debt is to check whether the partner in question requested a secondary credit card. However, this situation is quite tricky since the spouse may not have even signed the application in agreement to be responsible for the debt of the secondary card. 

When a couple cannot pay debts, banks or other financial institutions may request another person, usually a family member, to take responsibility for the debt by co-signing the legal documents. With that, it shows that both people will agree to pay 100 percent of the debt. This issue is often covered in mortgages, car loans, unsecured credit, and installment loans. 

But like in the second question, some individuals are legally responsible for the debt of the other spouse, even without a credit agreement. A great example is the use of a secondary credit card. 

Unfortunately, the partner doesn’t have to sign an agreement stating that both are responsible for the debt accumulated by the secondary credit card. However, when individuals sign the supplemental card, both acknowledge and accept responsibility for all purchases made with the secondary card. 

 The Bottom Line: Understand the Financial Boundaries and Make Debts and Loans Clear

There’s no denying that financial tension can affect relationships. With that being said, it’s crucial to stay clear about liabilities when it comes to married couples to ensure that financial obligations are in check. In that regard, working with debt consultants can help ease financial tensions, allowing couples to right financial mistakes.

Why Choose Debt Helpers?

Debt Helpers create customized debt solutions for Canadians, offering a wide range of consultation services and solutions to help individuals become debt-free. Learn more about how Debt Helpers can promote financial independence moving forward!