Should You Marry Someone With Debt? (2024)

FAQs

Should You Marry Someone With Debt? ›

“Debt can put a big strain on a marriage,” Dearing says. “Legally, you're not liable for debt your spouse had before you got married. But once you're married, you will likely be involved in paying off your spouse's debts. That's why it's important to be open with about how much you owe before you get married.

Understand how their debt can affect your future

This can also impact you both in case of a divorce down the road. One partner having student loan debt could delay or prevent you both from making life changes like getting a mortgage or starting a family.

Marrying a person with a bad credit history won't affect your own credit record. You and your spouse will continue to have separate credit reports after you marry. However, any debts that you take on jointly will be reported on both your and your spouse's credit reports.

It doesn't matter if your rich or poor, debt can break your marriage into little pieces. Credit card debt is “an equal-opportunity marriage destroyer,” says Jeffrey Dew, a Utah State University professor in the Department of Family, Consumer, and Human Development whose research examines the impact of debt on marriage.

You need to take a serious look at your relationship. If your spouse is unwilling to do what it takes to eliminate the debt, is not remorseful about getting into debt, or doesn't feel responsible for their actions, you may want to consider breaking up or filing for divorce to save your sanity.

If financial stability is important to you then move on to someone else. He does not sound like he is good with finances and will only create more grief should you marry him. Sit down and talk to him and let him know your feelings about his situation with finances.

The lack of financial health can be a major source of discord in a marriage or other relationship. The weight of mounting credit card debts and creditor calls can take a toll on any relationship. Individuals who are stuck in a financial rut may consider exploring bankruptcy as an option.

No, marrying someone with poor credit won't lower your credit score because the credit reports are separate. However, your spouse's credit does affect shared financing options, so it is best to address issues with credit before applying for shared credit accounts.

Many married couples do things together like buy a home, start a family, and take vacations. These things all cost money, and of course, most of us don't have hundreds of thousands of dollars lying around.

If your spouse has a bad credit score, it will not affect your credit score. However, when you apply for loans together, like mortgages, lenders will look at both your scores. If one of you has a poor credit score, it counts against you both. You may not qualify for the best interest rates or the loan could be denied.

How to deal with a partner in debt? ›

You can protect yourself from your spouse's debt by signing a prenuptial agreement before you get married and avoid taking out joint credit. It's especially important to protect equity in your home during a divorce to ensure you get your fair share, since this is likely the largest asset you have.

The wife should contribute, but she should not be forced by her husband. If she says she cannot do it, then the husband should let it go and manage to pay what he can. But fundamentally, it is always advisable to marry a woman who is financially buoyant enough for you two to plan about he future of your family.

Debt doesn't have to be a deal-breaker. But living with someone that has debt problems can make your life more complicated financially. This could be something you're happy to live with, but it's important to go into it with your eyes open.

It is no secret that financial matters can be a significant source of stress in relationships. Disagreements over spending habits, debt, and financial goals often lead to conflict. Money-related tensions can escalate quickly, causing resentment and even the breakup of an otherwise decent relationship.

Generally speaking, a good debt-to-income ratio is anything less than or equal to 36%. Meanwhile, any ratio above 43% is considered too high. The biggest piece of your DTI ratio pie is bound to be your monthly mortgage payment.

No, marrying someone with poor credit won't lower your credit score because the credit reports are separate. However, your spouse's credit does affect shared financing options, so it is best to address issues with credit before applying for shared credit accounts.

Debt getting in the way of relationships

That's why only 4.54% of Americans said that they would reconsider a relationship with someone who had a mortgage, and 3.15% said they'd have an issue with an auto loan.