We all know what we are supposed to do when we are thinking about marriage. Everyone says that marriage is about love, and as long as you love someone then marriage should be the logical next step. But what about money? It can be a hard question to ask and may seem shallow to some, but all the love in the world isn’t going to protect you from bad credit. There’s no reason you shouldn’t marry someone you are in love with, but if that person has a poor financial history then it may be a good idea to take some precautions and protect yourself in case tragedy strikes.
We can look at the situation of a couple who want to get married but one partner is affected by horrible credit and debt. The couple may wonder how this terrible credit and debt may affect the other partner in the relationship. Questions arise when dealing with this sort of situation, especially concerning the effect that the partner’s credit will have on the other if the person with good credit would like to take out an auto loan or other new line of credit. Some may wonder if they will be subject to garnishment of wages if their spouse does not pay their bills.
Well the answer is that it depends on the individual situation. First and foremost, if the spouse with bad credit has less than $150,000 in back taxes or other bad debt this should not affect their partner’s credit or subject them to garnishment of wages. That means that if you are marrying someone with bad debt over $150,000 you may want to reconsider tying the knot until your partner gets things worked out. And waiting for them to fix their debt may good for your relationship anyway, because it will show you that your partner is willing and capable of fixing their mistakes. If you do commit to a marriage and your partner has over $150,000 in debt then creditors can legally begin to pursue you to pay off your partner’s debt.
Even if you may not be affected by your partner’s bad debts you may want to hold off on marriage anyway, especially if your partner’s debts are large. Ask your partner why they have such bad credit before you commit to a marriage. You may find out that your partner had a true run of bad luck outside of their control which may be all the more reason for you to stick it out with them and be supportive. But if you find a series of irresponsible choices is lurking in their past you may want to make sure they can clear things up before you commit. If you commit to a marriage with someone who apparently has difficulty controlling their finances you may be setting yourself up for a future windfall.
But bad financial decisions doesn’t necessarily permanently place someone on the do not marry list. Even the nicest people in the world sometimes make poor financial decisions, but that doesn’t make them bad people. All it means is that you may need to take extra precautions before marrying that person. The most important precaution you can take is to wait a while and let them clean up their score a bit. Then if you still have concerns you may want to talk with your partner about signing a prenuptial agreement. A lot of people are hesitant to sign a prenuptial agreement, and it doesn’t always mean that they are trying to pull one over on you. But just because you ask a partner to sign a prenuptial agreement doesn’t mean you are trying to pull one over on them either. If it means a lot to you to have a prenuptial agreement signed but your partner is reluctant, remember that they are probably just feeling like you don’t trust them and are hurt. Try explaining that you only want to protect yourself- and your relationship- from your partner’s former financial difficulties.
If you do finally get to tie the knot, be sure to protect yourself from future disaster after you are married too. Wait a while after the marriage before getting any joint accounts. Don’t open any new lines of credit together. If you need an auto loan or any other kind of credit make sure the person with good credit gets it in their name, and their name only, if the partner had debt under $150,000. If their debt was even higher than that then make sure you wait until your partner’s slate has been wiped clean before committing to any new line of credit.
The most important thing to remember is to always protect yourself from financial disaster as much as possible. Your credit score can be an incredibly valuable asset. It can be the difference between a good car and a house and no car and no house. Protect your credit score above all else so that you can find yourself with the auto loans and other lines of credit that you need!