Marrying someone with a lot of debt?

Question

My b/f and I have been together for 3 years and living together for 2 years. We are pretty much married in every sense except title. He has A LOT of unsecured debt (>$30,000). I own my house by myself, and have excellent credit.

How would his finances affect me if we were to get married. If he died, would I be responsbile for his debt? If he declared bankruptcy, could the lenders come after my house for repayment?

Please answer only if you are sure, thanks

Answer 1

You are not responsible for your future spouse's bad credit or debt, unless you choose to take it on by getting a loan together to pay off the debt. However, your future spouse's credit problems can prevent you from getting credit as a couple after you're married. Even if you've had spotless credit, you may be turned down for credit cards or loans that you apply for together if your spouse has had serious problems.

You're smart to face this issue now rather than wait until after you're married to discuss it. Attitudes toward spending money, along with credit and debt problems, often lead to arguments that can strain a marriage. Order copies of both of your credit reports from one or more major credit reporting bureaus. Then, sit down and honestly discuss your past and future finances. Find out why your future spouse got into trouble with credit.

Next, if there is still outstanding debt, consider going through credit counseling together. Credit counseling may help your future spouse clean up his or her credit record and get back on track financially. One nonprofit organization, Consumer Credit Counseling Services (CCCS), sponsors money management seminars that can help you plan your financial life together. CCCS can also help you negotiate with creditors and can set up a budget you both can follow to pay off outstanding debt. Look in your telephone directory for the number of a local office. Be aware, however, that CCCS is paid for by lenders. Once it starts negotiating for you, your creditors will withdraw any lines of credit you have, including overdraft protection.

Finally, seriously consider keeping your credit separate, at least until your spouse's credit record improves. You don't have to combine your credit when you marry. For instance, apply for credit by yourself instead of applying for joint credit after you're married. You can have separate "associate" cards issued for your spouse to use. Even if your spouse has bad credit, your credit rating will remain unaffected. However, keeping separate credit can be complicated. For one thing, your spouse may resent that you control all of the credit in the household. It's also possible that you'll have a harder time qualifying for loans (e.g., a mortgage) alone than if your spouse's income could also be counted.

I wish you the best of luck!

Answer 2

Keep your finances separate...don't open any joint anything as that will link your credit to each other and bring you down.

Answer 3

His credit won't affect yours and as long as you don't try to have him get a loan for anything with you, then it won't affect you getting things you want. However, if he were to pass away, being married, you would be responsible for paying off his debt. You can always safe guard yourself by having an insurance policy on him big enough to pay off his debt.

Answer 4

once you are married you may want to file taxes separately...that way you are not responsible for his debts...once you marry though...each debt he incurs is yours also......and the house may be claimed as marital assets if he pays the mortgage some months.........A prenup might satisfy a judge in case of divorce.....but usually what's his is yours and vice versa.....it's sad to say you are marrying his debt...so you both need to get on a strict budget and pay off all debt....you pay yours and he pays his...until the playing field is even...zero.

Answer 5

You need a pre-nuptual agreement, see an attorney.

If HE files for bankruptcy, and has his non-secured debt discharged, the creditors may not attempt to collect from him. But they will try to get the equity in his wife's house.

SEE AN ATTORNEY FIRST!

Answer 6

When you get married they basically combine credit, but if the house is in your name then they can't touch it. About the death I don't know. But I check our credit reports regularly and my credit cards are on my report and my husband's don't show up and vice versa

Answer 7

You aren't responsible for anything he did already.  You should definitely keep your finances separate if you do get married.  Do not add his name to your house or any other assets you may have.  I can't respond as to the filing of taxes - I hope he at least pays his taxes.