Legal Question in Credit and Debt Law in Florida
Fiance has bad credit
I am considering marrying a man with bad credit. He has a good job, home, a car, etc. but he told me his credit is not great. I notice he spends a lot and I am very frugal and have immaculate credit. I own my house and he does not own his.
If we do get married we plan to have seperate accounts, except for one saved for bills. If he does not pay his bills would my credit also be destroyed? Am I obligated as a wife to put him on my existing mortgage or a future new one?
2 Answers from Attorneys
Re: Fiance has bad credit
If he does not pay his bills on time, it could affect your credit negatively especially if the bills are in your joint names or only in your name. If he has a history of bad credit and you marry, you definitely want to control the purse to ensure everything is paid on time. To avoid arguments you and your fiance should sit down and discuss exactly how you guys are going to handle finances to avoid your credit being ruined prior to entering in the marriage. You may even consider a pre-nuptial to protect yourself from any debt he may incur without your knowledge during the marriage. I highly recommend you seek the advice of a family lawyer prior to entering into this marriage. Also, you are not required to ad a new spouse to an existing mortgage, unless there is something stated in your original agreement "that should you marry you must amend the terms of your contract with the mortgage company" and I would not recommend you do this, however, if you purchase a new home you may be obligated to include him.
Re: Fiance has bad credit
1. Could have an adverse effect,even though it should not.
2a. No.
2b.If married, the financial institution may, in fact probably will,require it.
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