Sharing the burden of financial responsibility with a partner can be a useful way of managing costs and raising money. For example, it’s convenient to set up a joint bank account when you move in with a partner, and when the time comes to buy, a shared mortgage is generally easier to secure than a sole mortgage.
What you need to know
If one party fails to make debt payments during or after a divorce, the other party may become solely liable for that debt. It’s a common myth that one party is only responsible for only half of a joint debt.