When you get married, do debts that you encounter, previous to a marriage, become your partner's debts as well? For example, I have student loans that I am currently paying off... would these become my future husband's debts as well?
2007-03-19 16:21:07 · 14 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
While it's not his debt, it will impact his life.
So legally, he is not obligated. However, he still gets to share the baggage you each bring into the marriage.
I would sign a pre-nup spelling out what debts you have and your soon to be spouse has before marriage, and stipulating that the pre-existing debts AND any debts either of you incurs during the marriage that are not joint accounts are NOT to be considered marital debts. The only debts that qualify as marital debts are those you both knowingly open as joint accounts. Accounts where either of you open them and simply give the other access rights don't qualify as joint accounts as either of you could open an account and have cards issued in your spouses name but never give them the card, ultimately sticking them with 1/2 that debt if you two should divorce.
So, if your soon to be spouse gets a bunch of credit cards, or buys a new car or motorcycle without your name on the loan contract, then the asset is his and so is the debt until it's paid off. Once paid off, it becomes a marital asset. Same for you, if you get a bunch of department store credit cards in your name only and charge them up, don't try to pawn that off as marital debt if you end up divorced.
I think a pre-nup that protects each of you from the others financial individualism is possible. See a lawyer to be sure.
2007-03-19 16:39:22 · answer #1 · answered by camys_daddy 5 · 0⤊ 0⤋
I don't know what the "legal" answer is to this question. But when my husband and I got married I had a student loan of about $15,000. However, I had a college degree that went along with it. He didn't have a loan or a degree. We both worked for the first few years of our marriage and put our paychecks in the same account and paid ALL the bills together.
Once we had kids, we opted for me to be a stay-at-home-mom. We still owe a couple thousand on the student loan. I'm not working anymore, so I'm not contributing to the payments. However, I take care of everything that concerns the house, the bills being paid on time, the kids (we have 3) and their schooling and sport activities, and of course the chores.
It's a compromise that works for us.
2007-03-19 16:54:47 · answer #2 · answered by guatemama 4 · 0⤊ 0⤋
No they don't even in community property states a married person has the right to apply for credit in their own name. The person that signed the loan agreement is the person responsible for the debt and it will not affect their spouses credit report. Usually in a marriage a couple will pay bills together, but the legal resonsibility is on the person that took out the loan.
2007-03-19 17:04:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hi Cherry:
If you borrow money from bank yourself before you met your husband and signed a document saying that you are responsible to pay your debts. If you did not work and he is financially extremely well he can help you if he wish. but, it is your debt and responsibility to make a payment. depends on you situation. if you borrow to finish college go work? Point is you borrowed yourself. if any divorce in the future it is still consider your debt because you had that prior marriage. just like if you have own a house and paying mortgage until you met your husband, something happened. you keep the house which you purchased before marriage it is your house but depends on which state you are in. good luck
2007-03-19 16:32:45 · answer #4 · answered by fidalgo 2 · 0⤊ 0⤋
Anything acrued before marriage should be the individuals debt. However, if one of you had a house before you got married then ya'll live in it that becomes both your responsibility. If ya'll split then you wouldn't be entitled to the home he had previous to your marriage.
2007-03-19 16:28:43 · answer #5 · answered by Sharon H 2 · 0⤊ 1⤋
I don't think so, why should they? I know the debts I had when I got married were just mine, I was the only one responsible for them, but good as he is he helped me pay them off.
2007-03-19 16:24:17 · answer #6 · answered by Just Me 4 · 0⤊ 1⤋
They shouldn't, no.
The only thing a a married partner can be responsible for after marriage is paying the others child support if any children involved. My ex stopped working. I was told sence his wife was working, her wages would be withheld for support. Once she found that out, she made his sorry butt get out there and work! :-)
2007-03-19 16:26:08 · answer #7 · answered by peggin_beast 6 · 0⤊ 1⤋
Alot of people are telling you they do not believe so but the facts are - if you live in a community property state than yes.
but they would not come after him unless you did not pay.
2007-03-23 13:25:39 · answer #8 · answered by blondie 1 · 0⤊ 0⤋
I really don't think so because you had those debts before you got married again.
2007-03-19 16:25:03 · answer #9 · answered by misty blue 6 · 0⤊ 1⤋
i don't think so you were paying on the loans before you two married
2007-03-23 15:23:57 · answer #10 · answered by sweetgranny06 7 · 0⤊ 0⤋