When I get married, will I become responsible for my fiance's previous debt (school loans, failed buisiness)?

Question

I live in Virginia (if state laws have anything to do with it).

Answer 1

No. You do not become responsible for his debts if your name is not on the account as a joint account owner. In some states (community property states), a spouse may be jointly responsible for debt incurred AFTER marriage, but in no event would you magically be responsible for debt incurred BEFORE marriage unless your name is on the account. Virginia is not a community property state.

I don't know why people keep answering this question wrong. I see it all the time here.

Answer 2

Several other people have answered this question correctly, but I've got a little something to add. As a financial planner, I counsel couples with money issues all the time. Sounds like this might be a case of him being a spender and you being a saver. This is often a source of conflict in a marriage.

I'm not saying don't get married. But what you should do is have several serious discussions about money and finances prior to getting married. You want to make sure you can find some common ground on spending and debts so you aren't constantly battling with each other over money.

Good luck.

Answer 3

Suze Orman is a moron, only trying to earn a buck of someone's problems. Same goes with several other people constantly referred to here.

You are NOT responsible for your spouses debts that occurred prior to becoming married. However, you are indirectly going to be effected. If the home is in his name, they can place a lien. If his income is the only source, then it can be garnished, and you will live with the reduced income.

But they can not go after you, your property, or your income. Nothing will appear on your credit reports.

Answer 4

Absolutely NOT!

That was debt he incurred before the marriage, which has nothing to do with you. Unless you cosigned the loan a marriage will not make you responsible for his debt.

Whoever referenced Suze Orman did not read the book correctly. Although it is true that the number one cause of divorce is money issues.

Answer 5

No, your credit isn't effected. lenders a sneaky liars who will do something to make him pay the debt. through fact you're his spouse, they could have the skill to debate his debts with you. creditors are scum, so as that they are going to verbally abuse you and inform you that they are going to come when you and that it will result your credit, while the fact is, it won't. you may examine your credit checklist a pair of times a 300 and sixty 5 days to be sure all the suggestions is actual. in case you spot any differences made on your credit checklist through his debt, call (additionally deliver a registered letter) the creditor and tell them to eliminate the suggestions or you will SUE THEM for violating the regulation! they are going to greater desirable than probable postpone on you, however the exciting area is, you get to worry all of them day via calling them decrease back and asserting the sames issues persistently lower back till somebody faxes or mails you a affirmation of the removal. in case you prefer help clearing up your husbands debt, arise with me and that i visit help. I certainly have been a self-employeed credit counselor for 2 years. i do no longer do the paintings for you, I coach you the thank you to sparkling up your debt and stay debt loose.

Answer 6

If your state is a community property state the answe is yes.
This is what I would do. Call your state Attorney Generals Office and ask. They will give you the right answer.
Bill

Answer 7

No, but his financial situation will affect things you do jointly after you are married.

Answer 8

Yes you will his debt is your's and vice versa

Answer 9

write up a paper that you are NOT and have him sign it.