Those considering the possibility of marriage are likely busy planning the cake and the location, but it is important to remember that marriage is also a financial decision that requires extensive planning in order to make wise use of your finances. All debts are different, so it is impossible to give a blanket statement regarding what debts you may be responsible for after you get married. In general, if you get married your spouse will likely be partially responsible for some of your debts and vice versa. This is especially true in the event of co-signing loans.

When you co-sign a loan, you are responsible for payments in the event that the other party on the loan is unable to pay. Even if you have not co-signed on your spouse's loans, you may still be responsible for the debt. This is true in the case of a loan being considered a "family expense." This means that if the loan is necessary or superfluous for the functioning of the family, both the husband and wife are legally responsible to pay the expense. These family expense laws differ from state to state. Creditors legally cannot force a spouse to co-sign a loan with their partner so any debt that was incurred in the name of an individual must be paid by that individual.

Division of debt typically comes into play when purchases are particular to the spouse. For example, a husband and wife purchasing a home together would be a family expense whereas a wife purchasing luxury items for her own personal use would not. Another distinction is made when it comes to differentiating between community and non-community property. Community property is jointly owned by both spouses and in the event of a divorce, the property would be divided evenly. For those who live in non-community property states, equitable distribution may be what divides property. This means that each individual spouse will be entitled to property that remained solely theirs during the marriage.

Community and non-community property principles do not typically apply to debt. Typically, if an individual had debt before they got married it would be their sole responsibility to take on the full payment of that debt in the event of divorce. There may be exceptions to the rule, for example, if the spouse became a co-signer for the payment of a debt incurred by the other spouse. This is why prenuptial agreements can be so important. These are agreements entered into by both partners before marriage to decide who gets what, essentially. Be finance minded when you're thinking about marriage, because having your finances in order can help foster a healthy marriage.