Legal & Financial Resources
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LEGAL NOTICE: The authors are not attorneys or experts and are not rendering legal, financial or other professional services. The information contained on this site are the author’s opinion based on their personal experience. If you need legal or financial advice consult a competent attorney, accountant or financial planner.
Prenuptial agreements:
A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery, further conditions of guardianship may be included as well. There are a number of web resources about prenups and some of those are listed here:
PrenuptialAgreementForm.com provides you with state specific prenuptial forms at a fraction of the price charged by an attorney. Not only is it cost effective but also professional, convenient and easy to use.
Prenuptialagreements.org is fairly comprehensive with good content related to learning about prenuptial agreements. If you have questions about what a prenup is and why you should consider one this is a good place to start.
Findlaw.com also provides good information about prenups. They also provide state-by-state information.
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Credit and marriage:
Married or thinking about getting married? You’re probably wondering if and how getting married will affect your credit score. Will your spouse’s credit will affect yours or vice versa? In marriage, much of your life is combined; does that include your credit?
What Happens To Your Credit When You Marry
In most cases, nothing will happen to your credit after you exchange your “I dos.” You and your spouse will each continue to have separate credit reports containing your credit history. Your spouse’s credit history won’t appear on your credit report. Neither will your information appear on your spouse’s credit report. So, if your spouse a negative credit history, no one will ever know by looking at your credit report.
If the wife chooses to change her name, the new name will be reflected on her credit report. The theory that a wife changing her name erases her past credit history is not true. Since her credit report information is directly tied to her social security number, her credit report will continue to contain history under her maiden name and her married name.
Your credit score won’t drop simply because you marry someone with a bad credit history. Neither will your score improve on basis of your spouse’s good credit score. Each spouses’ credit score will continue to be calculated based on the information in his or her own credit report.
When Does Your Spouse’s Credit Affect Yours
If you and your spouse apply jointly for a credit card or loan, both your credit scores will be checked to approve the application. If one or both of you have bad credit, there’s a chance your application won’t be approved. Or, if the application’s approved, the interest rate and fees might be higher than if the spouse with the higher credit score applied separately.
With joint accounts, the history of the account is reported on both spouses’ credit reports, even if only one spouse actually uses the account. Both spouses’ are responsible for making credit card and loan payments. Furthermore, if the account becomes delinquent, the creditor or lender will attempt to collect from both spouses.
When One Spouse Has Bad Credit
When you and your spouse have different credit scores, you have to decide how you want to handle credit-based applications. Will the spouse with better credit make all the applications to get better rates? Will you apply jointly and accept higher interest rates to improve the other spouse’s credit score? These decisions depend on your financial situation and priorities.
