Working to build and maintain excellent credit takes diligence and commitment. If you’ve discovered your future fiancé has poor credit, you may be second-guessing your decision to get married. If you’re worried that marrying someone with a significant amount of debt will have a negative effect on your financial health, consider the following advice from Golden State Partners:
1. When Getting Married, Your Spouse’s Debt Won’t Become Yours
When marrying someone with a bad credit score, you may be under the impression that you’ll have to take on their debt. However, this doesn’t have to be the case. If you avoid co-signing any credit cards or loans with your partner, you won’t be held responsible for their debt. Ultimately, your spouse’s debt will remain their debt.
2. After Getting Married, Don’t Feel Pressured to Pay off Their Debt
If you’re wondering whether or not to marry someone with massive credit card debt, consider how you plan to move forward. According to experts from Golden State Partners, couples interested in getting married should avoid adopting the mindset that they are responsible for taking on the rest of their loved one’s debt. While it’s a good idea to figure out how to improve their situation, going out of your way to take on and pay off your spouse’s debt immediately after marriage isn’t the best plan for the both of you.
To better prepare for marriage, experts suggest that couples encourage each other to work on their own individual credit scores. By inspiring your spouse to improve their credit before your wedding day, you’ll ensure that you’re marrying into a better situation that will start the marriage off on the right foot.
3. Couples’ Credit Scores Aren’t Combined After Marriage
Worried that marrying the love of your life will ruin your credit score? If you’re postponing your proposal because you fear your partner’s score will affect yours, this isn’t quite true. Credit scores aren’t combined after marriage as you both have separate social security numbers.
However, if your partner has bad credit, you both should be strategic to ensure that your credit score isn’t harmed in the process. If you both plan to open a joint account together, work hard to keep it in good standing as this will be a helpful step in rebuilding your partner’s credit score.
4. Married Couples Don’t Have to Apply for Loans Together
While many married couples do apply for loans together, this doesn’t need to be the case for you and your spouse. If your spouse has a poor credit score, apply for credit cards and loans on your own. With big-ticket items like a car or a house, it’s important to avoid applying for loans with your spouse as it may ruin your chances of being approved for a reasonable interest rate or getting a loan at all.
If you plan to apply for a mortgage with your significant other, be sure to research whether or not you live in a community property state. If you don’t, you’ll be able to bypass any issues caused by your partner’s debt.
If you’ve fallen in love, don’t let your partner’s debt stop you from getting married. Keep these tips in mind to make the best financial decisions for both of you as you prepare to get married