If you are planning to marry, you may inherit your spouse's debts in addition to his or her partnership. You will be liable for your loved one's debts if you live in a "community property" state. Community property states are those that declare all property belongs to both spouses upon marriage, regardless of who owned the property prior to the marriage. For example, if a man owns a Porsche and then marries, the Porsche is technically his wife's property as well. The same goes for debts. If a woman comes into the marriage with student loans to pay off, the debt is suddenly the husband's responsibility as well.

Some states don't honor community property rules, and instead they follow what is called "common law" rules. This means that debts incurred by one spouse, such as a car payment or a credit card debt on an individual's account are solely that spouse's responsibility, and the other spouse can't be expected to cover the costs. When it comes to family debts, a married couple will be held jointly responsible even in a common law state.

For example, if the debt is for a child's tuition or a home that is owned jointly, then the couple will need to pay the debt together and can be held responsible. These same rules also apply in same-sex marriages or in domestic partnerships or civil unions. If a state does not allow homosexual couples to experience the benefits of marriage on a state level whether labeled as a marriage or a civil union, then the community property laws won't apply.

Community property states include Arizona, New Mexico, California, Idaho, Texas, Nevada, Louisiana, Washington, and Wisconsin. In the state of Alaska, couples can sign an agreement to make their assets community property but they are not required to do this. This means that if you live in any of the states listed above, you will automatically inherit your spouse's debts when you tie the knot.

In community property states the debts incurred by a spouse during the marriage are owned by the community, even if only one spouse actually signed the paperwork starting the debt. This is during the marriage, so if you obtain debt after a divorce it will not be considered joint debt. Some states, like Texas, have specific processes that must be enacted to determine if a debt is community property or if it is one spouse's responsibility.

In addition to sharing debts, newlywed couples also share income and property. Gifts and inheritances that are received by one spouse are technically reserved for that spouse, and any separate property that was owned before marriage and kept separate is also considered separate property. In community property states, creditors have every right to outside the assets and income of a married couple and seek that payment from either the husband or wife in the marriage.

If your spouse has an individual debt from a previous marriage, then the creditors can only go after your spouse's half of the community property in these situations. This means that the community property will be divided exactly down the middle, regardless of who makes the most money. Community property laws can also affect bankruptcy. If one spouse files for a Chapter 13 bankruptcy, it will affect both spouses' assets. This can be a benefit in some cases, and can result in double exemptions if the couple decides to file jointly. If you want more information about how marriage can affect your finances talk to an attorney at a local family law firm for more information!