Need some financial advice before I get married [Archive] - Glock Talk

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Chesafreak
10-23-2012, 09:44
My fiance and I have agreed to keep our finances separate due the fact that she owns a house with her ex and has some investments and I just divorced a money black hole. She also doesn't want my bad credit from my previous marriage to affect her credit or worse, be held responsible for it.

Will her credit be affected my mine after we are married?

Will she be held responsible for my bad credit and be pursued by my creditors?

Can you suggest any way to keep our finances separate after we get married and buy a house together sometime down the line? Right now I am paying fair rent since she is making payments on the house in her name and I also pay half the groceries and utilities. Eventually she is going to sell her house and we are planning on moving to another state and buying a house there.

dango
10-23-2012, 09:58
Yes it will effect her if you jointly do anything. Everything is in my name and is a matter of trust , true love and our very close relationship that we share.......!

Example : I had the same Auto Insurance from the age of 16-35.
I got married and her DUI's haunted me . They canceled me and I had to purchase (High-Risk) crap. After paying almost 2k a year
,we sort-of filed as sperated.I now pay like $58 a month.
My driving record is truely pure , no DUI's , no speeding , no accidents , NO ANYTHING , (knock-on-wood) . Get good advise and do,do reseach......! And Congrats.....! :cool:

Chesafreak
10-23-2012, 10:12
Yes it will effect her if you jointly do anything. Everything is in my name and is a matter of trust , true love and our very close relationship that we share.......!

Example : I had the same Auto Insurance from the age of 16-35.
I got married and her DUI's haunted me . They canceled me and I had to purchase (High-Risk) crap. After paying almost 2k a year
,we sort-of filed as sperated.I now pay like $58 a month.
My driving record is truely pure , no DUI's , no speeding , no accidents , NO ANYTHING , (knock-on-wood) . Get good advise and do,do reseach......! And Congrats.....! :cool:

Thanks for the reply, but that really doesn't answer my question. We have trust, but we are both realists. Neither one of us has a DUI or anything that would affect our insurance.

To be clear, my question is strictly about how is my bad credit from my previous marriage going to affect her after we get married. I know how it will affect loan applications. What I am worried about is if it will damage her credit by marrying me? Will my creditors go after her after we marry? Right now, she has perfect credit but low income. I have terrible credit but very good income. Also I was asking about a good plan to keep our personal finances separate even after buying a house together.

I refuse to file bankruptcy and I am in the process of paying off bad debt by priority. At least half of the stuff on my credit report is past the statute of limitations and I just need to get off my rear and write letters to the credit bureaus to contest that they keep selling my debt and re-reporting it. The bad debts I am paying on are the more recent ones. Just thought I would mention that before someone calls me a deadbeat for saying I have bad credit but good income and why don't I pay my debts.

skew12
10-23-2012, 10:19
I don't think it'll be easy when it comes to buying the new house. I'm sure they'll want to see all your records considering the differences.

skinny99
10-23-2012, 10:23
My fiance and I have agreed to keep our finances separate due the fact that she owns a house with her ex and has some investments and I just divorced a money black hole. She also doesn't want my bad credit from my previous marriage to affect her credit or worse, be held responsible for it.

Will her credit be affected my mine after we are married?

No. Unless you start new accounts together.

Will she be held responsible for my bad credit and be pursued
by my creditors?

No. The past is the past.

Can you suggest any way to keep our finances separate after we get married and buy a house together sometime down the line? Right now I am paying fair rent since she is making payments on the house in her name and I also pay half the groceries and utilities. Eventually she is going to sell her house and we are planning on moving to another state and buying a house there.

It gets a little more complicated buying a house together. In most states you will have to both be on the Deed to the house if you are married.

That opens a bigger can of worms. Both of your credit/dept/income will be used in evaluating a loan. So try and fix as much as you can, but more importantly reduce overall debt load.

Even after being married I would still keep everything separate
except for the house. Split the mortgage payment and utilities. You're the man so you need to take care of small/inexpensive repairs and larger projects will need further discussion but prob should be split financially.

CC and cars should be separate. Period. Insurance and cell phones should be looked at what is most cost effective then decide how to pay for them.

After that you just have to decide how all the "small" money gets broken up. Groceries, eating out, clothes all add up and need to be taken into consideration.

No matter what you each decide to pay for it needs to be fair. Money issues lead to resentment issues very quickly. The budget needs to be set up so that each of you can save some money.

This of course is just my opinion, however i have spent most of my life looking at the mistakes other people made in their financial lives.

Chesafreak
10-23-2012, 10:34
It gets a little more complicated buying a house together. In most states you will have to both be on the Deed to the house if you are married.

That opens a bigger can of worms. Both of your credit/dept/income will be used in evaluating a loan. So try and fix as much as you can, but more importantly reduce overall debt load.

Even after being married I would still keep everything separate
except for the house. Split the mortgage payment and utilities. You're the man so you need to take care of small/inexpensive repairs and larger projects will need further discussion but prob should be split financially.

CC and cars should be separate. Period. Insurance and cell phones should be looked at what is most cost effective then decide how to pay for them.

After that you just have to decide how all the "small" money gets broken up. Groceries, eating out, clothes all add up and need to be taken into consideration.

No matter what you each decide to pay for it needs to be fair. Money issues lead to resentment issues very quickly. The budget needs to be set up so that each of you can save some money.

This of course is just my opinion, however i have spent most of my life looking at the mistakes other people made in their financial lives.

Thanks! I did google search this first but I am also interested in other people's personal experiences related to this.

Right now we are keeping our finances separate by taking turns paying for dinner/movies/coffee or splitting the bill when we go out. She is making the mortgage payment and I pay her rent. We also split the utilities and groceries.

The one remaining question I have is how to keep our money separate while still paying a mortgage together? Should we divide the mortgage payment based on what percent of our total income each one of us makes? To me that seems like an incentive for her to one day decide she can sit on her rear and I will pick up the slack. I trust her completely and don't think she would do that, but like I said, we are both realists and understand that people change since we have both been through a divorce.

redbaron007
10-23-2012, 10:44
When it comes to insurance; you credit will more than likely have a bearing on your premiums, probably not hers, unless she names you on her policies. What will affect it is the driving record of each. Since you will both be in the same household, the driving records comes in to play, since she/you will be/could be an additional driver and vice-versa; therefore, prior tickets, accidents etc can affect the premiums for both. And, this could change from company to company....however, most will run a DMV report for licensed drivers in the household. It's called evaluating the risks of all drivers in the household.

The other time when your credit may come in to play is when the two of you purchase something jointly..ie. the house.

:wavey:

red

skinny99
10-23-2012, 10:44
How to split up the mortgage is going to depend on the house you buy. If you buy a house that 50% of the mortgage payment would be a realistic rent payment for her to pay then split it down the middle. However if you go out and buy a more expensive house based on your income then I don't believe it would be fair to for her to live poor and you to sit back and live easy. It all comes down to priorities and what you each think is fair.

She would have to a rent payment without you so she has to pay a fair housing cost. This a hardcore attitude but is very truthful.

A couple things about houses. They don't make you happy, but being broke can easily make you unhappy. Don't live house poor.
Be very realistic in what you have to have and want to have. Like most things there are hard choices and compromises that will have to be made.

SGT278ACR
10-23-2012, 10:57
Best advice... don't get married! :rofl: Just kidding. Seriously, though... in my opinion a good healthy marriage should be a joint venture financially. When I got married to my 2nd wife, who I'm still married to, she was still going through a bankruptcy and my credit score was rock bottom due to my ex-wife. 8 years later, we both have excellent credit scores and have a mortgage together through the VA. It didn't take all 8 years to improve financially, we did it in about 4 or 5. Case in point... it is possible to go into a marriage with shaky finances and successfully overcome and come out on top. It is possible to do this and still keep individual credit score. Best of luck to you. :wavey:

Chesafreak
10-23-2012, 11:09
A couple things about houses. They don't make you happy, but being broke can easily make you unhappy. Don't live house poor.
Be very realistic in what you have to have and want to have.

Concerning this, we are both on the same page unlike me and my ex. My ex always wanted the most expensive stuff and couldn't be happy with an older car that was paid off. She also wouldn't think about buying a house that would not max out our budgets. Like I said, she was a money pit. My fiance and I are both looking forward to a small home that doesn't stress test our budget. We prefer to have the spare money in the budget to go out and have fun, while with my ex we had a nice house and cars but didn't have the spare cash to go out and do much.