i will be getting married soon but my future wife has around $26,000 of debt from college and her car. and i do not have no debt, and my credit score is perfect, now from my understanding when married her debt is now my debt which is bullshit if you ask me. and i also have quit a bit of money saved in a personal savings account that i have saved through the years from my hourly job. first off will her debt show up on my credit report as me owing $26,000 when married too? and the money i have saved i do not want to tell her as of right now until i feel comfortable later on to see how the marrige works out because who the hell knows if someday i get a divorce paper unexpectedly or something who knows what the future holds what looks good today which it is otherwise i would not be marrying her, might not be good tommarow?
2007-05-13 15:41:09 · 9 answers · asked by brussels152 1 in Business & Finance ➔ Credit
None of her accounts will show up on your credit report just as none of your accounts will show up on hers.
What she applies for and receives in her name only, before or after being married, is hers
What you apply for and receive in your name only, before or after being married, is yours.
Unless you live in a community property state, then after you are married what either of you apply for and receive singly, while it won't show on each others reports, may still be actionable to either of you if a default is made.
IF she adds you as an authorized or joint user to an existing account, it will show up on your credit - the same if you add her to one of your existing accounts.
IF the two of you apply for a joint account, then that will show up on both of your reports (both of your credit reports will play a factor in the deternination).
If you apply for credit solely in your own name, then her credit will not be used in the determination.
Same goes for her.
But to have her accounts report on your credit reports simply because you are married - NO, it doesn't work that way.
2007-05-13 16:47:03 · answer #1 · answered by echo 7 · 1⤊ 1⤋
Wow. That's my first reaction. To me it seems like you're only looking at your fiance's debt and it's all you see in her. If she has a college degree, then don't you think that she'll be able to make her own money and pay back her own debt? You are still thinking of yourself at this point very much as a bachelor. Which you are. Now. When you get married, you need to be able to support your wife in every way imaginable. And that includes paying her bills if she unexpectedly gets sick. You do it because you love her as a person. Don't get married, until you can't see anyone else in your life. If you're already thinking of divorce, which you are, it's a bad idea. Why go into it? Why put yourself through it? If debt is a big deal to you, then there are plenty of people out there who have no debt. Find one of them. Divorce is messy and will definitely mess up your finances.
As to your question, divorce will separate your debt back out onto the respective parties shoulders. If you have a good lawyer.
2007-05-13 15:54:03 · answer #2 · answered by Elena 2 · 1⤊ 0⤋
I know when my husband and I married 5 years ago, we both had debt. My husband owes more than $100,000 in college loans and I owe a few thousand in personal debt. His college debt does not appear on my credit report. My personal debt does not show up on his. The credit bureaus have no way of knowing who you marry or divorce.
Here is how it works. Whoever applied for said credit, using their social security number is reported as the responsible party. ie. if you bought a home together, in both names using both social security numbers and credit histories to qualify, it would show up on both of your credit reports. The person responsible for paying the loan back are reported to the credit agency when the loan is finalized. The only information changed or updated from that point is balance and payment history. The bank doesnt update your marital status and because a loan agreement is a legally binding contract you cannot indicate another person responsible for payment with entering into another contract. You are talking about loan agreements she entered into before you came into the picture. Your social isnt connected to these agreements.
The only way her debt would figure legally into your financial future is if you applied for some type of loan...then you would be required to list her student loans as a current obligation for the household. This would only have to be listed if she was an applicant or coapplicant, or if you were making these payments for her. But in no way would this make the debts appear on your individual credit report. The monthly payments would be used to determine the family debt to income ratio.
More importantly...
Why are even marrying this girl if you are worried about this issue? It is petty...it is not as if she racked up crazy credit card debt gambling online or something. She got an education and has a loan for a vehicle. (I challenge you to show me someone who doesn't) Maybe you are jealous or intimidated because she has an education? I am sure you will be a direct beneficiary of her college education by means of the salary I am sure she will contribute to the family bank account, and I would bet anything you drive that car that she has been making payments on. So whats your problem?
Do you and her both a favor and hold off on the wedding until YOU grow up.
2007-05-13 16:29:38 · answer #3 · answered by nan6872 2 · 0⤊ 0⤋
Credit scores can be complicated. If you and your wife apply for something together, using both your incomes, it will show up on your report as 26K debt. This may affect things somewhat but as long as her payments are up to date with no history of late payments, etc. it will not be an adverse item on your credit score. Many younger people will have student loan debt. I believe you can get some things on your own credit and the 26K debt will not affect you. If she keeps these bills in her name only you can still be held responsible for them while you were married. If you get divorced you will not be held responsible for them though.
But basically, to answer your question, her debt will show up as your debt too.
Personally I think that if you are worried about her debt, I would not get married. That seems to be a big thing to you (and rightfully so). Maybe you had better re-think this.
When my brother got married (not that he is perfect; far from it) but he was able after a couple of years to completely pay off his wife's debt so it was no longer on her credit. Of course she didn't have 26K of debt either. That way when they applied for a mortgage, he was able to do so debt free.
2007-05-13 15:57:42 · answer #4 · answered by Patti C 7 · 0⤊ 0⤋
This is a toughie...but I'm married and if I were you...I would just wait to get married. If you love each other then there's no rush...you'll be together.
And yes...you will share her debt once your'e married. Marriage is a contract and debt is a part of that contract.
The question is how does your fiance plan on handling the debt that she incurred before she met you? Does she have a plan or does it seem like she wants to pass the buck to someone who is willing to take care of her?
Most importantly is your wife's debt indicative of her spending habits towards money? Cause if she don't like to pay her debts you're going to have a hell of a mess on your hands.
Good Credit + Bad spending habits + Poor Money Attitude
Don't Mix!
Don't let your emotions get the best of you...and don't ignore your gut. If you can't be fully honest about what you possess then you most definitely shouldn't be getting married.
M.
2007-05-13 16:07:13 · answer #5 · answered by Get Togetha 3 · 0⤊ 0⤋
Echo is correct.
When you get married, you still have separate credit reports...they do not merge. Only when you start getting things jointly do they start comparing both accounts.
The only thing you need to worry about, once you are married, is what happens when her creditors start to come after her. They can not attach to your current bank account because her name is not on it. They could go after her car, because it's in her name. Might want to get it transfered. If you have a joint account, and you put your wages into it, they will TRY to take the money. You can defend against it but it will be a tough court battle trying to prove that it's your money and not "commingled" money.
I won't preach to you about your marriage....
Let me tell you about my experience. I got married 14 year ago. My wife was divorced and living in Florida, and part of the settlement was to split the debts. She paid hers, the ex didn't. So they started coming after her.
The collection agents were quite vicious. The final straw was when one of then threatened to have her arrested, get her tossed out of her trailer (neither of which they could legally do).. She had 3 kids at the time. It scared her so bad she just packed up and left the state, returning to her home state of Michigan.
Her main problem was she didn't understand the law! Didn't know her right, didn't know how to fight back against collection agents who only know how to lie and threaten people.
After I married her, she was afraid to tell me about all this. Then one day I came home and she was crying and a nervous wreck. The agents had found her and sent her a debt collection letter. She was afraid I'd be mad.
Instead I just laughed. Yeah. mistake at the time but It just happened. You see, I knew the law and I knew how to handle this nonsense! I told her to let me deal with it.
I got the collection agents off her back. It's amazing what happens when these jerks learn they are fighting with someone who knows their rights! No more letters or calls.
Then I started working on here credit. Co-signed loans, got her a new car and a couple credit cards. After 3 years I had her credit score better then mine!
Just take some time to do your research. There is tons of info on the internet related to credit repair and the credit laws (Fair Credit Reporting Act, Fair Debt Collections Act)...just take the time to educate yourself and you will do fine.
2007-05-14 02:48:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You're right to be worried, but only because if you're already contemplating divorce maybe this marriage thing isn't going to work out for you.
Aside from that little issue, you two really ought to be talking about financial issues before the wedding -- if the two of you aren't in approximately the same ballpark about how to manage money, and how not to spend it, then you'll probably have a lot of friction later about money issues. So it's much better to talk it out now than argue about it for the duration of your marriage....
2007-05-13 15:47:37 · answer #7 · answered by enoriverbend 6 · 1⤊ 0⤋
You two shouldn't be getting married. If you have to keep secrets from your future wife and cannot discuss your financial worries maybe you should postpone the wedding. Get everything worked out before you make a commitmet.
2007-05-13 15:57:15 · answer #8 · answered by christina 2 · 0⤊ 0⤋
Tough situation. Just to be safe, get her to sign a prenup.
2007-05-13 15:47:00 · answer #9 · answered by John F 2 · 0⤊ 0⤋