(Closed) should i get a prenup??

posted 7 years ago in Legal
Post # 3
Member
3375 posts
Sugar bee
  • Wedding: October 2011

eek I would talk to your bankrupcy lawyer. He’d probably be your best resource

Post # 4
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

man that sucks. But a pre nup may not be a bad idea to help protect him. I’d definitely get with a lawyer to be 100% sure

Post # 5
Member
2867 posts
Sugar bee

I had an aunt for a variety of reasons postpone getting married by like 10 years (for one she had a retirement account she couldn’t draw from if she got married) but the big reason was b/c my uncle had accrued a lot of debt from trying to start a small business and filed bankruptcy.  I think it would be good to talk to a bankruptcy lawyer.

Post # 6
Member
4415 posts
Honey bee
  • Wedding: December 2010

Sorry to hear about your bankruptcy and foreclosure.  I went through the same thing five years ago when I divorced my ex-husband.  It’s not fun.  The nice thing was, I did get to live in my house for more than a year for free, and it was at a time when I was really hurting financially. But the bad part was, I was living in a house I had shared with my ex-husband which made it hard to move forward emotionally.

Check with your bankruptcy lawyer…  One thing that I found helped me with my credit report, and I don’t know if it is the same everywhere, but because the house was included in my bankruptcy, the bank couldn’t put the foreclosure on my credit report.  I’ve pulled my credit report several times, and no foreclosure has ever shown up…the bankruptcy does, but not the foreclosure.  If that’s the case everywhere, I wouldn’t think the foreclosure would hurt your fiance’s report. But definitely check with your lawyer.

The other thing you might be able to do is check with the bank mortgage company or legal department and see if they can give you an estimated time of when the foreclosure will be complete.

My other thought is even though once you’re married property is owned 50/50, unless the bank has his SS# and information associated to this property, they don’t have away to attach anything to his credit report.  I don’t think they can add owners to the foreclosure who weren’t parties to the original contract anyway, but I could be wrong.

Sooo…those where just might thoughts, and not legal advice by any means, so definitely check with your lawyer.

Good luck!  and I hope you don’t have to postpone your wedding!!!!

Post # 8
Member
2867 posts
Sugar bee

@MamaHusky3:  Have him accompany you to your bancruptcy lawyer appt.  So he knows that you’re not trying to be mean, you’re genuinely concerned.

Post # 11
Member
4415 posts
Honey bee
  • Wedding: December 2010

Oh! one more thing. If you goal is to protect your fiance’s credit report, don’t add each other’s names to either of your credit accounts, this means credit cards, loans, mortgages, etc, and don’t apply for any loans together until the bankruptcy is off your credit report and you’ve rebuilt your credit.  But you can share savings, checking and investment accounts–at least that’s what I found when I was researching it. I’d double check if I were you just to make extra sure.

We’re in that same boat. My bankruptcy won’t be off my credit report for another five years, so until then, credit things will remain separate.

Also… I don’t know that a prenup will protect your FH in the future as far as getting bad credit because of your bankruptcy if you don’t keep your credit separate. The credit reporting companies don’t give a fig about personal agreements in a prenup.

 

Post # 12
Member
4415 posts
Honey bee
  • Wedding: December 2010

Have you talked to your fiance about your credit situation?  I know when I talked to my DH about it before we were married, he completely understood, especially when I explained that I don’t want to do anything to hurt his credit report in any way, shape, or form.  He appreciated that I was willing to do what needed to be done to protect his credit, and he was also happy to see I was very serious about repairing my credit.  If anything, it increased the level of trust between us, because I was so open about my financial woes.

Be open with him about, and tell him the where, what and why for considering a prenup. And make sure he understands that you don’t want your past financial misfortunes to hurt him.

Post # 14
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

Honestly, I don’t think that you have to worry about applying for credit together after the bankruptcy is finalized but you want to avoid combining anything before it is complete because they may go after his assets to cover your debts.

After the bankruptcy, your bad credit will only hurt him if you try to apply for a loan together (it won’t hurt his credit but it will cause you to get worse terms on the loan or be denied all together).

Post # 16
Member
4415 posts
Honey bee
  • Wedding: December 2010

@MrsSaltWaterTaffy:  That’s not true…  If you apply for credit cards together, the credit card copies check both your credit scores and combine them, and then credit reporting companies will adjust both credit scores.  When my mom added me to her credit card after my bankruptcy was final so I could have a credit card when I went to England, her credit score went down and mine went up.  And all she did was add my name as a signer, not as a responsible party.

Her credit score still hasn’t recovered to where it was, and she took my name off it right after I returned from my trip.  And she pays all of her credit cards off every month and before the due date.

 

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