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Thread: A quick question about marrage?

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    Default A quick question about marrage?

    If you have no debt,and you marry someone that has alot of debt,and you sign a prenupt before wedding,is his debt your debt too?

    Or,if when your married does half of his debt become your debt to pay off? Even say if you divorced how much of his debt would you have to pay off if you didn't add to any of his debt?

    I really like this guy that has alot of debt,through various morgages of his. I wonder about marrying him,but i dont want any of his debt to pay off,or be legally responsible for it.

  2. #2
    Yekhefah
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    Default Re: A quick question about marrage?

    Depends on what's on the prenup. If you don't have a prenup, then his debt becomes yours, but I think you can avoid that with a prenup. Make sure it's air-tight. You'll definitely want a good lawyer.

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    Default Re: A quick question about marrage?

    If he has morgages and has a debt as a result, look at his passive income and see if it overtakes his debt.

    Prenups are always good. Don't get me started on what can happen without one.
    People are not ruled by their memories.

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    Default Re: A quick question about marrage?

    Prenups aren't going to matter if you decide to purchase a house or anything together.
    Your in MI like me. In michigan it doesn't matter if you are married they wont hold you responible for his debt unless you are on the loan or account.
    Does he have the money to back this debt? If he doesnt his debt to income ratio will become a factor with future purchases. Is he responsible with his money?
    Suzie Orman ( i think i spelled that right) said on her show once if you wouldnt go into buisness with someone why would you marry them?

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    God/dess Bunny's Avatar
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    Default Re: A quick question about marrage?

    if you wouldnt go into buisness with someone why would you marry them?
    that is so true! This is part of the reason I know I could never marry my bf, he is soooo BAD with money! The debt he has may not be yours but what if you all want to buy a house together and then he can't make the payments? You do tend sort of end up merging your finances in some way when you get married even if you're not in a community property state. Maybe check with a lawyer about the prenup. Couldn't hurt just to do a consult.

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    Default Re: A quick question about marrage?

    You are not liable for someone's incurred debts prior to the marriage, unless you are named on the loan/debt. A pre-nup is only used to protect assets (past and future). If you are doing a pre-nup to protect yourself against being liable for his debts, then you are wasting money. If you are doing a pre-nup so if anything happens (divorce, etc) before x amount of years of marriage, he won't be able to touch the $5 Million you have in savings...then that would be good. Besides, if his credit is horrible, he won't be able to help you on any "community" property that you guys may want to get. Everything will have to be on YOUR shoulders. Do you really want that responsibility, alone?

    Go see a lawyer. They'll be able to tell you the necessities, legalities, and loop holes that you need to be aware of.

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    Default Re: A quick question about marrage?

    thanks all for the answers. I think I will ask a lawyer on the details. thanks.

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