I'm looking to get married soon and I've been wondering if you inherit your husband/wife's debt after marriage. i.e I have really bad credit and my FH has excellent credit I have a car note, utility bills and stuff. If after getting married I default on my payments on debt I had before marriage will they go after him for payment? Does anyone know?
2006-12-21 15:37:01 · 9 answers · asked by makysha c 1 in Business & Finance ➔ Personal Finance
I know when i got married my credit was pretty bad but my Husbands was really good and he took on my debit problems. Alot of companies look at it as joint credit but there are some that will look at it separately those are the companies you want to try and look for because they take both your incomes but only the good credit rating
2006-12-21 15:44:18 · answer #1 · answered by Kristy 1 · 0⤊ 0⤋
You can ask a Lawyer from your state to elaborate more but this is ONE reason there are "prenuptial agreements".
IF you marry into debt you WILL be hounded to pay it if something should happen to the spouse. In the event of a divorce you will also be liable for 1/2 of each others debt whether made before or after the marriage, UNLESS you have a prenup. stating certain things.
Don't be fooled into thinking that YOU will be scott free simply because only one person's name is one a particular form. There are ways for people, YOU or your spouse owe, to get their money legally.
2006-12-22 07:23:23 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
Since he has such good credit, wouldn't he help you to figure out a way to pay them off? One suggestion...
Another... Call the companies in question and ask if you get married if they can go after him. My FH did more based on if he died would I incur his debt and the ones he has said no. But, call around and ask.
2006-12-22 00:20:14 · answer #3 · answered by colleend01 3 · 0⤊ 0⤋
Since they were debts you incurred before you were married, I don't think he is responsible for them. Now, if you take out new debts while you are married and you default on them, then they can go after him.... even if the debt is only in your name. This may vary from state to state, but I think most states laws are like this.
2006-12-21 23:53:30 · answer #4 · answered by plebes02 3 · 0⤊ 0⤋
Well, actually, yes, and no. He doesn't have to add your name to loan applications, and as far as taxes are concerned, he can file an injured spouse form, which prohibits him being held responsible for debts incurred by you, before you were married. I know this, because my best friend's husband has done this for 8 years to avoid his income tax return being taken, because she has not yet paid a student loan she took out before they were married. So, legally, they cannot go after him for the debt. It is not his.
2006-12-21 23:48:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on what state you live in, but in most states the husbands debts are his unless he acquires them after marriage and then they are yours also. In general, you are not responsible for debts he acquires before marriage.
2006-12-21 23:51:37 · answer #6 · answered by TED W 1 · 0⤊ 0⤋
In Community Property states, such as California, you inherit your spouse's debts--but fortunately, not their credit rating.
2006-12-21 23:46:57 · answer #7 · answered by Gee Wye 6 · 0⤊ 0⤋
Your pre-marriage obligations are your own. If you buy a house, you might not want it in your name as it is possible a lien could be slapped on it; same with bank accounts--keep separate accounts.
2006-12-22 11:19:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No
2006-12-21 23:40:09 · answer #9 · answered by Ken 3 · 0⤊ 0⤋