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Understand your mutual debt obligations


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Even though you might decide to have debts in your name alone, if you are married, you may be obligated for at least one half of the debt of your spouse. Joint debts are owed fully by either partner.

Open and honest communication about debts of all types, your plans for repayment, and the impact on your spending habits is a key factor in a healthy and happy relationship.

The following resources may assist you in understanding your mutual debt obligations:

Does My Spouse’s Credit Rating Affect Me?

When Do I Owe My Spouse’s Debts?

Who Owes Premarital Debt?


Blending Two Lives Tasks

1. Creating a joint spending plan
2. Building shared credit access and usage
3. Managing dual careers
4. Protecting your income with life insurance
5. Estate planning

Building shared credit access and usage Subtasks

1. Decide how to handle credit card debt acquired before melding your lives together
2. Decide how to handle credit cards going forward in your relationship
3. Understand your mutual debt obligations

Permanent link to this article: http://napfafoundation.org/financial-help/blending-two-lives/2-building-shared-credit-access-and-usage/understand-your-mutual-debt-obligations/