If you are getting married, it is important to understand how your fiancée’s financial situation may or may not affect you. If your fiancée has filed for bankruptcy in the past, this may affect your ability to purchase a home, a car, or apply for specific types of credit. If your fiancée had any secured debt, there is still a possibility that the property could be repossessed if the debt is not paid in the future. In addition, certain debts, such as student loans, alimony, or tax debts are not dischargeable and your fiancée may still owe those debts.
It is important to know that your fiancée’s bankruptcy will stay on his or her record for seven to 10 years, so you should consider how that will impact your future. While you will still be able to obtain credit and purchase a car or a home, you will likely have to pay a higher interest rate. This is an extremely important factor to consider when purchasing something together – such as a home.
Prior to getting married, it is important to review your financial status together so that there are no surprises after the wedding. If possible, sit down with a financial advisor to discuss your debts, your assets, and any concerns you both have – especially if you are entering the marriage with debt of your own.
If you have concerns about your fiancée’s spending habits or budgeting capabilities, now is the time to address those concerns and devise a plan that will work best for you both. You may also want to consider having your own separate bank accounts and savings accounts. This will also serve as additional protection for you in the event a creditor obtains a judgment against your fiancée. In fact, until your fiancée’s credit history is repaired, you may want to consider having separate financial accounts.
If you and your fiancée can develop a financial plan now and address any lingering concerns and doubts, then you have a greater chance of financial success. Unfortunately, many couples do not discuss finances prior to marriage and then they are stuck dealing with uncomfortable financial issues afterwards. Don’t be afraid to seek professional financial advice and be sure to take advantage of the newer financial software that can help you keep track of your expenses and budgets.
Contact Our Dripping Springs, Texas Bankruptcy Attorneys
In the future, if you or your fiancé find yourselves in financial strains, it may be wise to consider bankruptcy and speak to a Dripping Springs, Texas bankruptcy attorney. Contact a Dripping Springs, Texas Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.