Question:
I am currently engaged to a man who has ran into a lot of financial problems. He is trying to get out of debt however, I am concerned I will be held responsible for his previous debts once we are married. We live in Michigan. At this time I am not on any of the accounts and do not intend to be added in the future.
Answers:
Check your local laws, but unless you're actually on the account, you shouldn't be held responsible.
Marriage is sharing. This include credit ratings.
May I ask you to seriously consider why you're marrying this guy at this time? A debt is a promise to repay. If he can't understand a financial promise, what makes you think he can understand a promise to love, honor and cherish? Why not wait until you see that he has overcome a lot more of his debt? How does he behave with you? Does he cook dinner and rent videos to watch afterward, paying with cash, or does he take you to nice meals and pay with his credit card? Really, make sure this is a problem he's reallly overcome before you marry him. At the least, make sure you get premarital counseling before marriage to make sure you have the same values.
i do not think that you will be responsible for any of his debts as long as your name does not appear on any documentation. Are you sure you want to be involved with someone who has so many debts.
you may not be personally responsible but your going to be living with him and if most of his money goes towards paying debt then you will have to carry more then your share of the regular financial responsibilitys.
Separate everything. Including checking. Federal law allows anyone to have their own credit, not based on a spouse. But, you have to make sure you do not co-mingle finances whatsoever.
If your name is not on the account, legally you're not responsible. However, you'll go through the headache and heartache when creditors demanding money. Instead of enjoying life, you may have to cut corner since he has to save money to pay back his debts. You may not be able to go on vacation, buy a nice house etc... because he can't contribute. Financial responsible is very important in a relationship. Most divorces involve with money problem because someone is irresponsible. Why would you want to put yourself through this?
Forgive me if I'm being straight forward. I wonder did he add more debt on his credit card to buy you an engagement ring? You won't be happy knowing that the ring you wear is actually belong to a credit card company.
Ok, here is the real deal in Michigan (from experience).
You can NOT be held liable for the debt he brings into the marriage UNLESS you are added as a user on these accounts. The creditors cannot garnish your wages, nor can they sue YOU.
Having said that, if you have a joint bank account with him, and the creditor gets permission from the court to place a real property lien against him, you could have any money in the joint account taken from you and the courts and the bank do not care whom made the deposits.
Also, you will not be able to buy a house if married and he has lousy credit. The way our antiquated credit system works, he is considered the primary owner of the residence (even if he is not the primary mortgage holder) and banks are hesitant to let this happen if his credit sucks, as his creditors would be able to file liens on the house.
If you plan on keeping your finances 100% separate, you should be okay. But a pre-nup spelling out what happens to the debt he has (and acquires) after the marriage would be a good idea.
My last husband owed the IRS & state of Michigan $500,000 for business taxes and I had to file a "displaced spouse" affadavit to get any of my tax refunds. And when he divorced me, his lawyer tried to get me to sign up for being responsible for his debt. I refused to sign and threatened to get a lawyer to countersue for my loss of assets due to the payments we made to the tax guys during the short-lived marriage. Luckily, they backed off and the debts were kept as his own.
Finally, and contrary to popular belief, once married your social security number does NOT get automatically linked to his ss # and credit report. You actually have to sign up for a mutual debt for that to happen. My current husband's personal and business debts (over $1.5 million) do not affect my credit rating AT ALL and we have been married 3 years and yes we file joint tax returns. But until we are solvent (owe less than the assets are worth) I will not co apply for any credit with him to protect my credit rating and my future, just in case something happens (like he drops dead or leaves me).
Good luck to you!
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Yes and No.
His credit report is always his credit report. His debt is always his debt..unless you are on the accounts with im. If your fiance has 20k in credit card debt, that will remain his debt until he dies, not yours.
The yes part of my answer is that when people get married they end up living the same lives. If one person is suffering finanically the other one will also. So in that sense you will take on the debt. But not in a legal sense.
No lecture, just the answer to your question.
No you are not responsible for your future husbands debts as long as your name is not on the accounts.
The only way you would become liable is if you are added to the accounts by your husband.
If the two of you apply for joint credit, you will be responsible for that, but not his personal credit.
Your credit is just that yours and his is his. Just because you get married does not mean that you are legally responsible for his debts.
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Usually, you are liable for what ever debt he aquires after the marriage as he will be responsible for yours.
Any thing before the marriage is his.
My understanding is that credit records of a man and wife aren't mixed unless they have joint accounts, but creditors really don't care who pays the bill and once you are involved, may well list you as a joint owner of that account. Its a matter you could prove to the credit bureau, but - believe me, you don't want that problem. Dealing with the IRS is easier than dealing with a credit reporting agency!
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