(Closed) Finance and Marriage: questions, debt, loans, credit scores…

posted 10 years ago in Married Life
Post # 32
Member
18628 posts
Honey Beekeeper
  • Wedding: June 2009

– If you have good credit and your SO has bad, does his credit score affect yours once married?

It will not hurt your score but if you apply for a loan together, they will go off the lower score to give you the interest rate so you might want to take out the loan in only your name to avoid paying more in interest.

– If your SO have unpaid loans and debt and you have a clean bill, once married does his debt and unpaid loans become your problem as well?

Legally, you aren’t responsible for his debts before the marriage.

– If he takes out a new loan or accrues new debt after married, is that now your problem because you were married before the new loan/credit/debt?

If he opens new credit cards when you are married, you are responsible even if you don’t know about them!

– Can our finances, credit scores, loans, and such truly be completely separate when married based on law?  Clearly managing separately once married is a task and responsiblity onto ourselves, but if we can do it, does legality issues see it the same way?

Legally, you will never be fully seperated from him if you are married unless you take steps to keep yourself seperate and have prenups and other protection.  You need to be able to trust your Fiance to not take out loans without your permission and if you don’t have that trust, don’t get married (this isn’t pointed at you, just a general statement).

Post # 33
Member
2394 posts
Buzzing bee
  • Wedding: April 2010

@chicagobride – Er, how, precisely, do you know that I haven’t taken those classes?  LSAT 101:  Assumptions make for exceptionally poor reasoning.

 

Post # 34
Member
523 posts
Busy bee
  • Wedding: December 2009

@teaad.  You are or were a 0L in the current application cycle, no?  You’re not the only one who visits TLS.  You also apparently still care or think about the LSAT.   And, seriously?  You might want to save your snide, holier than thou attack about LSAT 101 for someone who hasn’t come out near the top at Chicago.  It would be much more fruitful for you to find something other than my reasoning ability to insult.  There’s plenty, but that’s not it.

Post # 35
Member
7769 posts
Bumble Beekeeper
  • Wedding: July 2010

Once married, your finances legally become one.  If he has bad debt, it will still affect you even after a divorce.  Sorry, just learned that from my parents. 

Post # 36
Member
523 posts
Busy bee
  • Wedding: December 2009

MissAB, I think your second and third answers are only applicable to the handful of community property states, and the OP lives in a separate property state.

The poster above brings up an interesting twist.  I don’t know anything about how divorce would complicate the community vs separate issues, the timing and type of property and debt, and the division of assets and debts.  My impression is that it’s much more individual state specific than the other stuff, but I would love if someone who has studied that area of law would share, because it could really be an important dimension to consider.

Post # 38
Member
398 posts
Helper bee

As always check your local laws. The majorty of the States have pretty similiar laws, there are a few that don’t follow suit:

– If you have good credit and your SO has bad, does his credit score affect yours once married? No your score will not be affected, unless the debt you have together is in default.

– If your SO have unpaid loans and debt and you have a clean bill, once married does his debt and unpaid loans become your problem as well?  You are not legally responsible, meaning they can not take action against you.  Now if you were living together, and you could be considered as a common law marriage, then yes they can file suit to include you. Also, if a Judgment is granted against your husband and garnishment is granted, they maybe able to garnish your pay.  Rare but can happen.

Common Law Marriage.  Again this is the majority but not all.  Is seen as 2 people presenting themselves as a married couple, joined bank accounts, opening new credit under both names, etc.

– If he takes out a new loan or accrues new debt after married, is that now your problem because you were married before the new loan/credit/debt?

Yes, if a debt is opened after the marriage date, you are now responsible for it.

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