Wedding Season’s Here

Summer is here and love is in the air! Though most weddings still occur on New Year’s Eve and Valentines’ Day, summer is dubbed as the wedding season because of the mass weddings that American couples would hold on the month of June and July (but not on August though).

However, weddings could be financially challenging for couples not to mention that after marriage the couple would have to share everything and by everything, this includes debt. Though, it still would depend on how the couple would manage their finances as partners that would determine the outcome of the marriage;may it be a good and happy one or a bad one.

But before anything else, there is good news that couples must hear. Whatever debt your future husband or wife has in the community’s property, will not come to haunt you. This sacred oath, as many call it, does not make you liable for all your spouse’s debts. It is illegal for collectors to force you into paying your partner’s loans, mortgages, or any other debts that he made on his own name and before your marriage.

If your partner has bad credit then it will not be a problem for you, unless you apply for a co-creditship of course. If you apply for a credit together then your credit score will merge and literally, what is his will be yours too. Though you can get rid of this bond legally in the future, it is very advisable that you avoid it in the first place since it could be a very irritable and time consuming effort in the future.

Now you heard the good news, let us proceed with the not so good one. If the creditor gets hold of a legal document from court he can confiscate anything that belongs to your partner, or any assets that both of you have such as bank accounts, property, house and other buildings. If your partner has shaky credit, be extra careful of co-signing an agreement to get a joint-property because not only can his personal things be taken if he falls into debt, you will be going down ruined, with him. Once you purchase a property and someone has their name in the document with yours, he or she is considered as the co-owner of the property, and this gives the creditor legal right to take anything that you own too even if the debt was not you’re doing.

To make things worse, those vows that wedded couples take for richer or for poorer are not just mere words. In most of the states even including Nevada, those who make this vow would have to pay for the expense of the other. The most expensive of these fees is one’s medical debts. Even if you are separated for years, you will still be responsible for your partner’s medical care.

Before you two get into a marriage it would be wise to not just plan about the wedding arrangements. Your future plans 50 years from after the marriage would be a wiser topic to discuss.

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