Generally, a debt in one person's name only dies with the debtor. The individual's assets must then stand for his/her debts. If the assets are insufficient, there are legal procedures in place to deal with an insolvent estate. If both of your names are on accounts or the debt involves property, vehicles, etc. that both of you own together, then you may have to assume or pay the debt or sell the property/asset. This is an area where you would do well to consult with a qualified estate planning attorney. If your relationship does not have recognized legal status, each of your assets may be inherited by your respective family members and not each other. You have identified another issue, which is the child. Who will be the guardian if someone happens to either or both of you? And in the event of a health care need or incapacity, do either of you have the right to say what medical care is provided? These questions and more can be settled with some rather simple estate planning.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.