He is a doctor with a lot of student loans and credit card debt. Will I have to take on his debt or is it debt before the marriage which I am not responsible for? This is not a matter of love. This is a matter of if, God forbid, something happens to him, his debt is all on me. I do not have any outstanding loans or debt at all. I am just concerned that if things happen, I would be paying $120,000.00 in bills that I did not make. Please help.
2007-01-14 01:58:09 · 15 answers · asked by mecca2lux 1 in Family & Relationships ➔ Marriage & Divorce
VERY good question! However, this question should be answered by a lawyer. I give it a guess though. When a couple marries, the things they own prior to are there's and there's alone unless the spouse is put on the title / deed.
I would assume (that's why you need a lawyer) any debts is the person who held it at the time it was incurred. After marriage (and depending on the state) gains and debts are divided equally with the exception of tax debt. And the taxes are shielded from the spouse ONLY if you file separate returns.
One Hundred Twenty Grand is not that much money with the income he'll be pulling down. If he's smart, he will pay it down as fast as possible. Debt is debt and being in the red as opposed to the black is something to reckon with.
Get a lawyer or research this yourself.
2007-01-14 02:13:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you live in the U.S... A spouse’s debt that was acquired prior to the marriage does NOT become your debt when you marry. However, there certainly are ways in which it could have an effect on you. For example, if the two of you purchase property together, then because her name is on the title, her creditor can place a lien on it for her bad debt, which means when you sell your property, they’ll be paid. So, basically, while you’re not technically, legally responsible, it can, in a round-about way, affect you. Regarding credit records, you each have a separate credit record and it will remain that way even after you marry. So, her poor credit score will not affect your credit score. However, in the event that you purchase something together, the company will look at BOTH credit scores and may deny the loan if her credit score is very bad. By the way, IF this leads you to think that you can just put everything in your name alone and that way it will be ‘yours’ when you divorce (because you seem to think that you will), that isn’t going to work. Generally speaking, anything acquired during the marriage is martial property regardless of whose name is/isn’t on the title. As far as your money…generally speaking, any money acquired PRIOR to a marriage is considered separate funds (not martial funs) as long as it remains separate (ie you don’t deposit it into an bank account with both your names). With all that said, if this is your attitude--wanting to hide money--then you don’t need to be getting married. I’d suggest that you rethink it.
2016-05-24 00:07:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
write a pre-nup.
Is this only One Hundred Twenty?
Where the debt actually come from with the credit card? His ex? Or does he have a problem with his credit cards?
I'd either consult a lawyer to write up a pre-nup.
Also, if only 120 thousand create a plan in writing together that ensures within X amt of time it will be paid off thru budgeting.
2007-01-14 02:05:24 · answer #3 · answered by joleeo 2 · 0⤊ 0⤋
You are being very practical. Get something notorized delineating the school debt as his before you get married.
You are right to be concerned. He is entering a field that has one of the highest drug use and divorce rates do to the pressures of the job etc...
He should be able to understand your fear. If you never get divorced then it really won't matter that he gave you documentation regarding that matter. Peace of mind goes a long way.
2007-01-14 02:04:27 · answer #4 · answered by GrnApl 6 · 0⤊ 0⤋
No Hun i don't think you do because its all in his name any debt that is in both Ur names you will have to pay back. To make sure why don't you get cover against it so that if the worse was to happen it would get cleared. Go and see a lawer just to be on the safe side tho.
2007-01-14 02:04:26 · answer #5 · answered by kat 2 · 0⤊ 0⤋
well are going to take on his income? If so then yes you will... I would get this staright before I did anything... in most state's bill that you aquire before a marriage the other can not be held responsible for but you will suffer in some way or the other I am sure of it.
2007-01-14 02:20:30 · answer #6 · answered by browneyedonna 3 · 0⤊ 0⤋
Legally, they are his- not yours. If they stay in his name, then they are his. Don't put your name on it.
Secondly, you need to discuss financial terms of who pays what or how money will be handled. Will you have seperate checking accounts? Or one joint checking account.
He needs to just pay off the bills, and will eventually. The debt will not be on you, unless, you consolodate your loans and you have a house as a "back up."
2007-01-14 02:13:08 · answer #7 · answered by K H 3 · 1⤊ 0⤋
Get a life insurance policy on him. Make sure the premiums paid out will ne enough to cover debts in case of his death.
2007-01-14 02:04:42 · answer #8 · answered by Anonymous · 1⤊ 0⤋
I have the same problem :( Debt from graduate school and now I'm in medical school. Not a happy thought :(
2007-01-14 02:04:04 · answer #9 · answered by Phillip 4 · 0⤊ 0⤋
I don't believe you take on his debt just because you take his name, it wouldn't make sense. Keep your finances separate. Don't put your name on his credit cards and keep separate bank accounts and do not file joint taxes. However, If I were you, I would ask the bank just to be sure.
2007-01-14 02:37:12 · answer #10 · answered by ? 3 · 0⤊ 0⤋