marriage and debt go hand in hand
New York, NY (PRWEB) March 19, 2017
National Debt Relief recently shared in an article published March 8, 2017 some of the things married couples might want to know about debt. The article titled “Debt When You’re Married: What You Need to Know” looks at how debt and marriage are intertwined in a bid to help couples understand their finances better.
The article starts off by pointing out how debt puts a strain on any relationship, even for married couples. This strain can cause undue stress and in effect, couples could feel less satisfied in their relationships. They can then become hostile to each other, irritable in their ways and even uncommunicative toward their spouses.
The article explains that couples need to understand that marriage and debt go hand in hand. This is because there is a big chance that prior to getting married, they already have debt accounts of their own. As they get into a relationship and marry, they will get into different types of debt together as a couple.
One of the questions a lot of couples are asking is who would end up being responsible for the debt. The article explains that this depends on whether they are in a “community property” or “common property” state. This decides whether the couple would have joint or separate liability for the debt accounts.
Divorce happens to some couples and once it comes around, debt liability is again dependent on the laws of specific states. There would be some states that will split the debt right down the middle. For some, a bigger share of the couple’s debt would be assigned to the person who is benefitting the most from the divorce.
To read the full article, click https://www.nationaldebtrelief.com/debt-and-marriage/