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I live in florida and have A++ credit. say i was to marry someone with really really bad credit and a lot of debt. how might this affect me ?? i know if we applied for anything jointly it would do so but what about if he passed away ? i'm not responsible for anything that was before i was in the picture am i ?? please only answer if you 100 percent sure thanks.
No you would not be liable for his personal debts. It will not effect your personal credit but it could make it a problem when it comes to buying a house unless you do it only on your credit and income.
I have a bit of Debt the I accured while in College, currently paying it off but it jacked up my credit for sure. I guess the first thing you'll need to know is what is he doing about the situation. Maybe you should make a pre-nupp stating all Debts created before the marrige aren't joint. Sound a lil cold but it's a good way to protect yourself. Then after your married if you both buy a house or something then you can show him how to do that A+ credit thing that you do. Sounds like he needs you, you know like an interdependancy. It's always a plus when a guy can meet a woman who is better at something than him. It creates a chance to learn.
I'm in minnesota and I can't give you advice, only can make comments and useful info. minnesota is a state in which it is easy to go bankrupt, and maybe at some point this guy would want to go bankrupt or to start using your charge cards, or you will start feeling badly that they don't have something you want them to have that you will get yourself in hot water by buying them something so they can come up to your level (of good credit and stability). It depends on what kind of debt they have and why. But because of their instability you may at some point end up supporting them and that's not a good thing, so don't think about marrying them until they have solved their financial problems. On the other hand, if you just can't keep away from them then make sure you aren't so big hearted that your money goes to solve their problems (don't be an enabler). Some people in states like ours think wrongly that what's yours is theirs if they marry you. So be careful. By law you don't have to be responsible for their debt or what they had before you came along. When people divorce they put a notice in the newspapers that says you won't be responsible for their debts, and this may be appropriate if you see any problem coming along. If you get married then they would want to be a part of the ownership of a home or some other large item. How would you solve that? I mean would you feel you could throw them out because you own the home, and would they be comfortable with that setup or would they become abusive or steal to get their share, or maybe worse? Be careful when you see yourself falling for things like this. And, when in doubt, get yourself an attorney you could confide in (and make the appointments with that attorney non-traceable). While you're at it, and if you had the money and really can't do without this person as a mate, then have your attorney do a PI check on that person. They "may" not be able to hand you the info but they may be able to find out things you don't know about, and may be able to provide you information. Prenups are only for people who are wealthy and have fortunes they don't want to share. You might consider that you may not get a wedding or engagement ring and that any children you have the debtor may not provide for.
I wouldn't do it unless I sat down with the other person and made a binding (read contract) agreement that spelled out exactly how he was going to get his credit back on track. If someone has terrible credit, it really does show a lack of responsibility and concern for the future. You have been warned!
I'm 100% sure you should NOT marry this guy. If you stay married long enough, you will wind up paying his debts in one way or another. If he dies, his creditors MAY be able to get any co-mingled assets the two of you might have. Co-mingled assets are those that the two of you have accumulated during your marriage, like a bank account if the both of you make deposits, or personal property bought during the marriage. Personal property that you purchase may be subject to forced sale in order to satisfy the debts of your deceased husband.
Don't comingle your funds. Have your own account and never ever let him on yours. Publish in a local paper that you are responsible for only your own debts. Pay an attorney a consultation fee for good advice. No joint account, no taking his check to pay anything of yours or he can claim forever that your money is comingled. I married a man with a lot of debt, paid it off for "us" and then he divorced me but not before he acquired even more debt. People are creatures of habit and they are not real eager to change.
I would recommend not marrying someone with a lot of debt. One of the major causes of divorce is money. It is not the way to start out as a married couple.
Don't do get married until he has paid off his debt. my husband let his mother use his name to get a phone 6 months before we got married. do you know it is on OUR credit report now!! wait a while so he can fix his credit first.
I would strongly suggest a pre-nup agreement. Perhaps even visit a lawyer/notary have some sort of a document prefessionally made in case of separation/divorce or death. Be careful ....u could end up with alot more than you bargained for!
Without a prenuptial contract, the marriage will inherit all of the debt. Even with a prenuptial contract, if he falls behind on the bills, it could affect your credit.