In louisiana, not a ton. Community debt.
Effects of 1 spouse - credit report/score may be different. Not sure if it will be better or worse for either. There may be some consequences during divorce depending on how the property is acquired (w/ separate property or not). It's slightly cheaper for foreclosing creditor to foreclose and possibly easier because they only have to get service on one spouse.
Liability - separate or community debt it can be satisfied from community property (so income from either party). If its separate and there is a pre-nup of complete separateness I fairly certain the non-signing spouse would escape liability.
This post was edited on 3/23 at 7:41 pm