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I have crystal clean credit, money in the bank, 401k, Schwab acct, etc. My boyfriend has a very bad financial situation - judgements against his previous business, liens against him, bad credit, several things in collections.......you get the point. He is self employed and does everything with cash. IF we were to get married (with a pre-nup of course) does his debt/liens etc become my burden? He doesn't owe the IRS any money so we are good there.... He is planning to file bankruptcy but hasn't yet. thanks K
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Wills and Estate Planning Attorney serving Sugar Land, TX
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Law Offices of Kimberly D. Moss, PLLC
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The first thing I want to mention is that Texas is a community property state, so it's a good thing that you are anticipating needing a prenuptial agreement. If you two sign a comprehensive prenuptial agreement that keeps your finances separate, his bad credit should have very little impact on you. The only concern would be if you two decide to purchase a home together because both of your financial situations will be examined before you are approved for a loan. You may be able to qualify for the loan on your own (thus keeping has name off of the mortgage), but the house would still be considered community property unless you expressly state otherwise in a pre or post marital agreement. As long as you are not including on his bankruptcy petition as his spouse, his filing should not affect you. However, once you are married, creditors may seek you out for any unpaid bills he may have even if you two have a prenuptial agreement in place because that agreement is only with respect to the two of you and doesn't bind third parties.
Answered on Aug 19th, 2013 at 3:05 PM