Marriage also does not affect debt that has been accumulated by either partner before the marriage, adds Owen Malcolm, managing director at United Capital’s Atlanta office. But the situation can become complicated if the spouses open joint savings or checking accounts.
“Then the creditors of one of the partners can come after the entire account,” says Malcolm.
Another way some people get into financial trouble is by confusing who owes credit card debt, Malcolm explains. “An authorized user of a credit card is different from a joint cardholder. If a spouse is added as an authorized user, he or she is not responsible for the debt; only the cardholder is. If the couple has a joint card, both are responsible for the entire debt.”
Problems can be avoided if the couple sits down with an advisor and talks about their financial situations, their expectations and habits, says Larry Rosenthal, president of Rosenthal Wealth Management Group in northern Virginia. If there are credit or debt questions the advisor cannot answer, bring in an attorney who specializes in these issues, he says.