Should You Marry Someone With Debt? - Slice (2024)

FAQs

Is it bad to marry someone with debt? ›

You are not responsible for your future spouse's bad credit or debt, unless you choose to take it on by getting a loan together to pay off the debt. However, your future spouse's credit problems can prevent you from getting credit as a couple after you're married.

Marrying someone with poor or damaged credit does not affect your credit scores. But if you and your spouse plan to seek credit jointly, their low credit score could affect your ability to get a loan, or lead to higher interest charges than you'd get if you applied yourself.

Student debt you bring into a marriage typically remains your own, but loans taken out while married can be subject to state property rules in divorce. And if one spouse co-signs the other's private student loan, he or she is legally bound to the loan unless you can obtain a co-signer release from the lender.

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.

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.

U.S. News ran a nationwide survey of 1,210 divorced people. They asked respondents a series of questions about their shared marital debts and how their finances fared after divorce. According to the survey, almost 20% of these divorces were because of debt.

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.

Financial Compatibility Is More Important Than Credit Score

If you're concerned about a potential date's or partner's credit score, ask yourself what's the underlying reason for that concern. Perhaps you're worried that the person spends money frivolously or doesn't follow through on their commitments.

It depends. When you find out that your partner has a low credit score, the first thing you should do is figure out why. Sometimes, people have a low score because they don't have a long borrowing history. The person you're dating may be debt averse or simply may not have needed to take on much credit.

If you get Social Security disability or retirement benefits and you marry, your benefit will stay the same. However, other benefits such as SSI, Survivors, Divorced Spouses, and Child's benefits may be affected.

How does student debt affect relationships? ›

Most couples work on student loan debt together

More than 43 percent of survey respondents said they fight about money with their partners at least “somewhat often.” Given the fact that debt is a large source of stress among individuals, it's no surprise that it can lead to strain for couples.

California Family Code Section 2641 states, "A loan incurred during marriage for the education or training of a party shall not be included among the liabilities of the community for the purpose of division pursuant to this division but shall be assigned for payment by the party." In other words, the spouse who ...

Uncontrolled credit card debt, fueled by impulsive spending, is another financial red flag in a partner, according to relationship and personal finance experts.

Credit card debt, specifically, was the biggest dating deal breaker for millennials. But all respondents, regardless of age, took more issue with credit card debt than student loans or even having a low salary.

For some, a shaky financial situation might be a deal breaker when looking for a partner, and a majority of respondents said they cared about their significant other's debt. But between all major categories of debt, student loans were of the least concern.

Don't let debt become the big, bad wolf in your storybook romance. As you and your partner plan for your nuptials and beyond, make sure you discuss any debt from before your marriage and, if it makes sense for your situation, put a plan in place to pay it back before the big day.