Fiance's debt

What is the name of your state? Texas

My fiance has bad credit and many bills ranging from credit card bills to his mother's hospital bills.

If we get married, will I be liable for all his debt? Will my good credit become tarnished?

Any advice is greatly appreciated!!

[I AM ALWAYS LIABLE]

[quote]Originally posted by ladynwaiting
[b]


If we get married, will I be liable for all his debt? Will my good credit become tarnished?

====================================


My response:

Whether I said yes, or no, would it matter?

Would it stop you from loving him?

Would it stop you from marrying him?

If your answer is no, then what does it matter?

IAAL

[ellencee]

His mother's hospital bills?

(You don't want to start off a marriage with high debts, individually or jointly. Let him pay the debts off first, even if he has to work a part-time job to make it happen.)

I will love him no matter what!

My dilemma is whether or not to stay life long boyfriend/girlfriend if marriage is going to keep us from buying a house, buying a business, or keep us from doing things that we have already planned.

Thanks to all, for your input!!

[ellencee]

You can do all those things either way, married or not married. You know that, too; and, you know that either way, it affects you.

Financial counseling would be good idea so that the two of you develop a financial plan that allows both of your incomes to eliminate this debt and build a solid future with all of the things you have planned for yourself.

Buying a house or accumulating more debt is not going to facilitate 'happy ever after'.

[I AM ALWAYS LIABLE]

Originally posted by ladynwaiting
I will love him no matter what!

My dilemma is whether or not to stay life long boyfriend/girlfriend if marriage is going to keep us from buying a house, buying a business, or keep us from doing things that we have already planned.

Thanks to all, for your input!!

My response:

Of course it could keep you from buying a house - - unless you can get a loan strictly in your name. That's because his credit is trash! It's also going to adversely affect all other credit arrangements you'll need; e.g., buying appliances, etc.

So, it will effect you; when you're married, your money will be his, and vice-versa. He'll be able to use your money to pay HIS debts. Eventually, that's going to weigh heavily on you.

Just imagine all the financial scenarios there are, and it will affect you.

IAAL

Thanks, IAAL, for the great advice.

I was hoping for more positive news (possibly a loop hole), but I did expect the inevitable!


Thanks also to ellencee for suggesting the financial counseling!!

[ellencee]

ladynwaiting
The part of the debt that you described as his mother's hospital bills may be a debt that can be completely or partially paid by Medicaid or Medicare or from indigent funds. Even if your fiance signed as the responsible party, all appropriate 'insurances' should pay their portions first. If this was not explained to his mother or to him and if no one at the hospital made an effort to gain these benefits for his mother, I believe the process can be started now. When all is said and done, he may be due a refund of payments he has made.

Best wishes,
EC