If you are getting married, you promise to be there for your spouse for better or worse. In many cases, this can include less-than-perfect financial times for Fort Lauderdale residents. While financial challenges are inevitable for almost everyone at some point in life, things might seem more difficult if you enter a marriage with at least one of you having poor credit. At The Law Offices of George Castrataro, P.A., we understand the ways in which the bad credit of one spouse might affect the other.
The first thing you will need to understand is that simply marrying someone with bad credit will not affect your own credit. Experian asserts that your credit rating remains separate from your spouse’s after marriage. However, the financial decisions that both you and your spouse make from this point on can affect your credit. For example, if you apply for vehicle financing together, both of your credit reports will be considered for the loan. Your own stellar credit rating may have qualified you for a good rate on your own, but if your spouse’s credit is dismal, the negative report may affect the overall outcome of your loan application.
Joint debt that you accrue after the marriage will affect your own credit rating, as well as your spouse’s. This may be a good thing, in the long run. If you pay your bills on time and gradually build good credit together, your spouse’s credit rating should improve. On the other hand, a joint credit card that your spouse continually misses payments on will bring your credit rating down.
It may be a good idea to discuss your financial goals and plans together while making your wedding plans. This may help both of you protect your credit and give you the tools to weather hardships in the future. You may learn more about protecting your financial future by visiting our bankruptcy page.