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Marrying Into Debt Dos and Don'ts

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If you are engaged, married or in a serious relationship that may lead to marriage it is beneficial to have a full understand of your partner's financial situation. Not everyone's financial past is a happy one, but in order to have a better and brighter future, you will need to have a discussion with your partner.

Dos

• Do share your financial pasts before the big day. Many people have different systems when it come to their finances. Knowing how your partner plans to use your soon-to-be joint money account will be helpful to know sooner rather than later when problems arise.

• Do work towards conquering a spouse's debt together. Overcoming debt allows you both to work as a team. The sooner you find a solution to your spouse's debt problem, the better and less stressful your marriage will be in the long-run.

• Do continue to apply for new credit cards after changing your last name. If you change your name to your spouse's last name and he or she has poor credit, you are still able to apply for a new credit card with your new last name. As long as you have healthy credit history prior to your name change, you will be able to receive your new credit card.

• Do be aware of community debt if you are in a community property state. Usually, community debt is defined as a debt that was incurred for something that benefited your marriage. However, community debt typically does not include debt that only benefits the spouse responsible for the purchase. Know beforehand if your state takes part in community debt. Community property states include: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin.

Don'ts

• Don't be ashamed of protecting your healthy credit if your spouse has had a rough financial past. It may not feel equal at first, but it is beneficial for both parties to have at least one solid credit history to rely on at the start.

• Don't forget that joint accounts, cosigning loans or authorizing your spouse as a user on your credit card will reflect his or her poor credit history onto yours.

•· Don't be surprised that you will now have to be responsible for payments if you have joint accounts and your spouse is unable to pay.

• Don't ignore a serious financial situation. If you aren't married yet sometimes it is best to wait until your soon-to-be partner finds a solution to his or her problem. By giving your partner a chance to clean up their credit score or pay the debt he or she owes, you both will be able to start your marriage on high note.

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We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: TwoCents | Credit Score

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