Post # 1
I hope I don’t get slammed for this and I realize that it is terribly unromantic but it’s my reality and I would like to be knowledgeable and proactive.
My credit is excellent. I pay my bills on time, own my home, no bill collectors are looking for me, etc. This is not the case for my Fiance. He owes taxes, has a couple of credit cards that are seeking payment at this time, and has a low credit score.
Although we’ve lived together for 2 years, this has not been a concern for me because we’ve kept everything separate. Now that we are getting married, I would like to know if I will be held responsible for any of his credit mistakes.
Does anyone know of any resources to find out that information? Who would you talk to for this type of thing? I would like to know what protection exist for me, if any, as his wife against his debts.
Post # 4
I’m pretty sure it depends on the state. Some states say you aren’t responsible for anything he incurred before the marriage but in others you are responsible for everything he is. Sorry I don’t have a definite answer but it’s a start…
Post # 5
whether or not you are now responsible for his debts depends on your state.
as for his credit score, yours won’t change unless you add him to your credit card. your score might drop a little in that case, and his might go up a little. if you don’t want the risk, you can keep your credit accounts completely separate and neither score will change. the only potential problem then is if you need a loan together to buy a house, for example. decide if you want to help build his score together, or if you would rather keep 1 excellent score and 1 mediocre score. maybe you would qualify for a house loan with just your income, and then it doesn’t matter if you keep your credit accounts separately.
Post # 6
Could you get a prenup to protect yourself? This way they can’t come after you for pre-marriage debts?
Post # 7
@ejs4y8: This is what I am trying to figure out. Is a pre-nup necessary in this case? I don’t mind doing the research but I am not sure where to start? A financial planner? I’m clueless.
Post # 8
I have no clue. I just know if I was actually going to marry a man with bad financials, I’d protect my own ass as much as I possibly could! Maybe a lawyer who specializes in finances? Or call a family lawyer–surely they can make recommendations.
Post # 9
I’d definitely think the pre-nup would be part of it, but you definitely want to keep him off your credit cards and mortgage. He should work to build up his credit and balance his credit score but keep stuff separate for sure as much as you can. Also consult an attorney…family law lawyer should be able to help you and I wouldn’t think it would take more than an hour or two of their time and a couple hundred bucks to adivse you and draft up anything for protection. It’s definitely worth the little bit of cost to protect you and look at ways to help him. I hope you are planning on taking control of the communal finances in the future!!