What happens to debt after death?

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.