Will my fiance’s bad credit affect mine after we are married?

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Will my fiance’s bad credit affect mine after we are married?

I’m a 30 year old architect in MA and I’m getting married ina month. My fiance has moved to here to be near me. He found a job and rented out his house in CT but his tenant will not pay the rent and he cannot afford to pay 2 rents (he is near foreclosure). If he loses the house after we marry, will it affect me? Will his bad credit affect mine? Should we have the ceremony and not file fora  marriage license? I can go out and buy a house, get a loan, etc and I don’t want to jeopardize our future just for a piece of paper that says we are married in the eyes of the law.

Asked on May 4, 2011 under Family Law, Massachusetts

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

A spouse's bad credit will *definitely* affect you. You won't directly lower your personal credit rating or be reported against you own credit history; however, a member of a married couple is not considered in a vacuum. Banks, car dealerships, developers, etc.--anyone who might lend you a significant sum, especially for an asset (like a home or other real estate) that you will own jointly--will look at both of your credit ratings and histories, under the reasonable assumption that the finances of one will affect the other. Therefore, if your fiance defaults and is foreclosed upon, then after you are married, there is a good chance this will affect your buying a house together or similar transactions.


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