We are also from Wisconsin. Will I acquire his debt or he acquire mine if we divorce or if "God forbid" he should die or I die?Can my good credit help his credit score? I'm not changing my last name and we have separate bank accounts, separate credit cards, etc. We also will have a prenuptial that what's his is his and mine is mine.
2006-12-31 02:50:32 · 6 answers · asked by Tricia 1 in Business & Finance ➔ Credit
LOL your getting married yet already thinking about divorce.
2006-12-31 02:59:53 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As long as you have a prenup stating that any debt incurred in one of your names isn't the responsbility of the other (make sure you get it looked over by an attorney), then only debt in your joint names would be the responsibility of you both.
Your good credit can't help his credit by just marrying him and his bad credit can bring yours down in certain cases. When applying for a mortgage, if you apply with both of your names, they'll take the lower credit score when figuring your interest rate. If your income is high enough, you might want to try apply in just your name.
As a by-the-by though, I think you may be concentrating on the wrong thing with this question. The problem isn't his bad credit score, it's his spending habits that lead to that bad credit score. What you need to worry about is if he's changed his spending habits enough (probably not) that his irresponsibility won't affect your good spending habits.
2006-12-31 03:09:31 · answer #2 · answered by Vadalia 4 · 0⤊ 0⤋
I'm not sure you'd call that a marriage... why bother?
Anyway each of you CAN be affected by his/her good/bad credit. In other words if yours is good an his bad, you can buy things in your name only.
If you split up, you'll retain your credit and he his. Unless you have a joint account. In that case you'll need to close it. You'll always have a separate credit score, even when you are married.
2006-12-31 02:55:56 · answer #3 · answered by capnemo 5 · 1⤊ 0⤋
when you marry all things become one in the financial world. people have been fightin this issue for quite awhile. if you can clear up some of the credit problems before, you will help the situation better.
when i filed for divorce, his bank named me in their lawsuit against him in case i were to win the divorce proceedings.
i never used his name and we were never legally married, i filed for a common-law marriage decree to gain monies i had invested over 10 yrs into the relationship; home, furnishings, etc.
2006-12-31 03:01:14 · answer #4 · answered by blueJean 6 · 0⤊ 0⤋
Never mind when you split up or die, his credit affects yours right now. Get a good lawyer for that prenup.
2006-12-31 02:58:40 · answer #5 · answered by Kacky 7 · 0⤊ 0⤋
Check out Suzy Orman.com. She is a financial wizard.
2006-12-31 02:57:17 · answer #6 · answered by valducci53 4 · 0⤊ 1⤋