Debt and Marriage

03-18-2009, 11:24 AM

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Join Date: Mar 2009

Posts: 4

Debt and Marriage

What is the name of your state (only U.S. law)? NY State

I am about to get married.

My wife has $70,000 in student loans, no credit cards and a few outstanding medical bills she is paying in the month to come (nothing major). Everything is in good standing. She also has about $70,000 in savings.

I have a mortagage, about $10,000 in credit card bills, about 15,000 stock options in the company I currently work for.

What is going to happen with our debt when we get married? Will her student loan debt become mine and vice versa? If for some reason I couldn't keep up my payments on my condo (located in NJ not sure if that matters) and the bank would take it would the bank come after her savings?

Equally, what is goign to happen to our assets when we get married?

Please let me know.

Thanks

Last edited by goodlife; 03-18-2009 at 07:48 PM.

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