Skip to main content

Mainstreet Credit Union, Lenexa, KS

  • Accounts & Services
    • Savings
    • Checking
    • Investments
    • Youth Accounts
    • ATM/Debit Card
    • Mobile & Online
    • Visa Gift & Reload Cards
    • Other Services
    • Rates
  • Loans
    • Vehicle Loans
    • Personal Loans
    • Student Loans
    • Credit Cards
    • Home Loans
    • Rates
  • Resource Center
    • My Mortgage
    • My MasterCard®
    • Reorder Checks
    • Advice
    • Auto Avenue
    • Financial Calculators
    • FAQs
    • Other Useful Links
  • Discover Mainstreet
    • About Us
    • Join Us
    • Careers
    • Community
    • The Credit Union Difference
    • Mainstreet Talk
    • Annual Report
    • Locations/ATMs & Hours
    • Contact Us









Routing Number: 301079183

Advice

  • Credit and Debt
    • Credit
    • Debt
  • Money Management
    • Banking
    • Budgeting
    • Saving
    • Spending
  • Family Finances
    • Life Events
    • Insurance
    • Identity Protection
    • Kids & Money
    • Financial Crisis
  • Workplace Finances
    • Employee Benefits
    • Paycheck Planning
    • Retirement Plans
  • Home Ownership
    • Buying a Home
    • Mortgage
    • Home Equity
    • Refinancing
  • Paying for College
    • Saving for College
    • Financing College
    • Repaying Student Loans
  • Retirement Planning
    • Saving for Retirement
    • Social Security
    • Living in Retirement

If Your Spouse-to-be Has Serious Debt Problems

The decision to get married is no small thing. It carefully interweaves two separate lives into one. If one partner in the relationship has serious debt problems, it can be a point of serious concern for the future health and financial stability of the relationship. That the two of you should address before exchanging vows.

Major Concerns to Address

You are not responsible for the debts your spouse created before the marriage – and vice versa. Those debts remain your own – individually.

However, new debts you create as a couple belong to both of you. That includes things like credit cards you add your spouse to and loans for which you cosign. Those belong to both of you and failing to pay those loans off on time can put your good credit at risk.

If you live in a community property state, you may even be responsible for debts your spouse created during the marriage – even if you had no knowledge of the debt.

You need to set ground rules about debt before you get married – perhaps by sitting down together to come up with a plan for you and your future spouse to take actions to cut spending and to start addressing past and present debt problems.

While you may just be tempted to pay off your partner’s debt, that’s not always the best choice for your relationship or your partner. That is especially true if you must take on debt to do so. Swapping out your partner's debt for your own could place your credit rating at risk and put you on the hook if you are unable to pay off those debts.

You especially shouldn’t help your partner pay off debts if he or she is hiding things from you, like:

  • Banking Accounts
  • Cash
  • Credit Cards
  • Purchases
  • Debts

Successful relationships require trust and hiding major financial problems or assets should raise serious concerns. A person who keeps financial secrets will only serve to erode your own trust in that person.

Steps to Take Before You Marry

Don’t take your walk down the aisle together until the debt problems of the past have been addressed and steps are actively being taken to eliminate those problems and get your spouse-to-be back on the straight-and-narrow for a strong financial foundation for your marriage. Have open and frank discussions together about how financial issues will be addressed once you are married.

Consider working together to create a financial plan for your life partnership that includes addressing and paying off debt, cutting spending, and creating financial freedom for a brighter future when spending may not need to be as limited.

Steps to Take Once You’re Married

If you don’t live in a community property state, consider keeping your accounts separate to shield yourself from your partner’s bad credit decisions and to ensure that at least one of you maintains good credit for emergencies that happen in life.

If you happen to live in a community property state, there are some steps you can take to protect yourself from the debts of your partner if you get a divorce. However, that is only the case if you have a pre- or post-nuptial agreement that stipulates who owns what debts in the marriage and who will be responsible for paying them upon dissolution of the marriage.

The final things you need to do, for the health of your marriage, is to discuss the differences in your attitudes on spending and debt. Sometimes, there is common ground. However, when you consider that money is the leading cause of stress in a relationship, it becomes even more important to act now and address these differences early to determine if you should take that next step.

Copyright

Related Content

Article

Helping Your Parents with their Finances
Buying vs Renting a Home
Closing on a Home
Taking Care of Elderly Parents
Getting Your Home Ready to Sell
Renting Your First Apartment
Qualifying for a Mortgage
Finding a Real Estate Agent
Choosing Between College and Retirement Savings
Living with High Student Loan Obligations
If Your Spouse-to-be Has Serious Debt Problems
Creating a Power of Attorney
Understanding Mortgages
Cosigning a Loan
Qualifying for Your First Apartment
Is Your Significant Other a Tightwad?
Becoming a Parent
Saving Money by Moving Back Home
Lending Money to Family or Friends
Renter Mistakes to Avoid
Searching for Unclaimed Money
Saving for a Down Payment on a Home
Managing Moving Expenses
Taking Your Retirement Plan with You
Managing Your Child Care Expenses
College Savings Plan Options
A Financial "To-Do List" When You Move
Important Retirement Savings Milestones
The Financial Side of Dating
Employed Again? Do These Things First
How Much Do You Need to Retire?
Getting Your Child's Finances 'Move-Out' Ready
Becoming Financially Independent
Will Your Choice of a College Major Payoff Financially?
Liquidating a Loved One's Estate
Getting Married
Making an Offer on a Home
Making Your Home a Vacation Rental
Relocation Assistance
Preparing Financially for a Special Needs Child
Building a Cash Wedding Registry
Saving Money When You Join a Gym
Buying an Engagement Ring
Finding the Right Home
How Much Should You Spend on Rent?
Making Financial Preparations for Maternity Leave

Financial Tool

Should You Work Outside of the Home?

Poll

Are you financially prepared to become a parent?
If you're not married, do you live with a roommate?
If you've graduated from school, do you still live with your parents?
Do your parents depend on you for a portion of their care?
After the birth of your child, will you work outside of the home?
Who paid for your wedding?

Mainstreet Credit Union, Lenexa, KS


  • Careers
  • Security
  • Privacy & Disclosures
  • NMLS Lender ID#: 465931




©

Mainstreet Credit Union.

Equal Housing Lender


You will be linking to another website not owned or operated by Mainstreet CU. Mainstreet CU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Mainstreet CU.