Am I responsible for my spouse’s debts if we get a prenup?
When couples decide to get married, there is a lot of planning that must be done. Not only will they be focused on planning a wedding, but they will also be planning for their life together. For many, this means sitting down and drafting a prenuptial agreement that outlines how things will be handled during the marriage and during the divorce, should things not work out. While prenups often address things such as alimony and property division, it can help couples figure out how many marital and divorce issues will be addressed, including debts.
It is not uncommon for people to have medical bills, credit card debt and other things that they will have to pay off during their lifetime. When they get married, depending on what type of arrangement the couple have, both spouses will pay off this debt or the spouse who accrued the debt will pay it off. However, the spouse with these debts should not expect their spouse to pay off these debts because they do not belong to them. This is how many people feel when they decide to include it in their prenup.
Many people are under the impression that their prenuptial agreement only prevents their spouse from gaining access to their belongings should they divorce, but it can also prevent them from having to pay off their spouse’s debts. Getting a prenuptial agreement can help ensure that property and assets are protected. Additionally, it may help a spouse avoid having to pay their spouse’s debts.
Prenuptial agreements have proven to be very helpful for many couples. It may not be a fun experience for you and your future spouse to discuss before the wedding, but it may be necessary in some situations. Anyone who is considering a prenuptial agreement may wish to speak with an attorney about the process and what can and cannot be included in this type of agreement.