debt before marriage!?!?!?!?!

by Aly
(Charleston, SC)

I live in South Carolina. My boyfriend has a charge off loan and a truck repossession on his credit from loss of work last year in the recession. I was wondering that if we got married am I going to be held accountable also for his debt? I have good credit that I try to sustain and I am worried my credit will suffer! We have been together 8 years and we feel we are long over due to tie the knot just worried.....

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Dec 07, 2011
debt before marriage!?!?!?!?!

No Aly, you will not be held responsible for any debt your boyfriend incurred before your marriage. That is his debt and his debt only. However, if you apply for credit together after your marriage, the charged off loan and repossession are likely to affect your ability to get the credit you want or could mean that the terms of the credit you are approved for will not be as attractive as it would be if your boyfriend did not have that negative information in his credit history. And of course, if you apply for joint credit after your marriage and are unable to make the payments, that information will damage your credit history as well as your spouse's.

If you have good credit, I definitely recommend that after your marriage you maintain your own credit accounts and bank account. This way, you will continue to build and maintain your own credit history separate from your spouse's. Doing so is important should you need to qualify for credit after your marriage and is also important should you become divorced or widowed.

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