Pre-Existing Debt and Marriage

What Happens When Pre-Existing Debt is Brought into a Marriage?

My question is this: I am considering getting married.

My boyfriend does not have good credit, but he has a very good job. I on the other hand have great credit and I'm self employed and don't make that much money.

If we get married will his bad credit affect my good credit?

Also he has one particular item on his credit that is pretty substantial. Would I be responsible for this debt if he we're to pass away before he paid it off?

We live in Ohio, but are talking about moving to Florida within the next 2 years. thanks for any advise you can give.

Kelli

If you keep your financial affairs separate, your credit score will not be affected by his or vice versa.

Once you start opening joint accounts, your credit score may be affected by the future actions of your husband; e.g. if the payment on a joint mortgage is missed or late. But in that case you will be partly to blame.

As far as debts or assets that existed prior to the marriage, you will have to consult a local lawyer. I don't know if Ohio (or Florida) is a community property state and, even if it is, whether you would become responsible for your spouse's pre-existing debts.

You might need a pre-nuptial agreement to protect yourself.

If your future spouse has reformed his bad credit habits, his credit score should start to repair itself fairly rapidly. He should check his credit report and score at least yearly.

Once his score is above 650, he will be pretty close to qualifying for prime rates. You can then apply for joint credit.

Your good score should put you over the top - into prime rate territory.

Once married, each of you should buy term life insurance to protect the other from sudden loss of income. In your future husband's case, he should buy extra coverage to pay off the large debt.