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Will your fiance's bankruptcy affect your credit after marriage?

Your wedding date is drawing near, but you have one niggling concern: Your fiancé is planning to declare bankruptcy, and you wonder if this is going to affect your good credit standing.

After the wedding, you want to purchase a home together, but given the bankruptcy, is sharing assets a good idea?

Together but separate

You want to be supportive of your soon-to-be spouse, but you do not want to jeopardize your credit. The good news is that the credit history your fiancé will bring to the marriage will not affect your credit score. You probably already have your own checking and savings accounts, and the credit cards in your wallet are in your name only. Once you are married, you can continue keeping these accounts separate. In fact, many newlyweds follow this path when they enter a marriage with considerably different assets and income levels.

Sharing assets

Despite keeping your finances separate to a large degree, you and your soon-to-be spouse may wish to have both your names on the mortgage for that home you want to buy. Both incomes would count in that situation, so you could qualify for a larger loan. However, while your credit is good, your fiance's is not, so you might get a better interest rate if you apply in your name alone.

It is also wise to look ahead a bit. If your fiancé is paying a student or government loan in connection with the bankruptcy, and you mingle in your assets, your assets could at some point be at risk. Remember that Wisconsin is a community property state. Creditors could also come after comingled funds if, for example, the two of you open a joint checking count to pay property expenses.

Boosting your confidence

Your fiancé may have a very good reason to file for bankruptcy and may be as concerned about protecting your good credit standing as you are. An experienced bankruptcy attorney can help you sort matters out so you can begin your married life happily, feeling confident about the future.

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