this [debt acquired during marriage] becomes the responsibility of both the husband and the wife
Philadelphia, PA (PRWEB) October 02, 2017
Credit card debt payment is a financial responsibility that needs to be taken seriously and National Debt Relief explains how this affects couples. The article titled “Am I Responsible For My Spouse’s Credit Card Debt?” released September 25, 2017 takes a look at how couples can delineate the payment responsibility between the two of them.
The article starts off by explaining that for couples that has gotten married, it could have been a fairy tale event filled with amazing and joyful moments. Family and friends gather together to witness the union that should be the start of a wonderful journey together. However, finances does play a big part in this equation especially credit card debt.
One scenario that the article points out is understanding when the credit card debt was acquired. If it was prior to getting married, the general idea is that the other partner is not in the hook for the payment. They are usually not obligated by law to pay up for it in case anything happens to their partner. However, this is not to say that they are not affected with the debt. This is because while one partner brings a lot of credit card debt into the relationship, it would definitely affect their household budget. There is just a difference between common law states versus community property states that couples need to consider.
On the other hand, credit card debt acquired during marriage is a different thing. The article explains that this becomes the responsibility of both the husband and the wife and they both on the hook for the payment. This is important because in case anything happens to one of them or in the case of divorce, they payment responsibility is either transferred to one of them or split between the two.
To read the full article, click https://www.nationaldebtrelief.com/credit-card-debt-spouse/