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3 Bumps

Con's of getting married? Do taxes change? credit scores? Does he have to be on application for buying a home?

What are the con's of marriage? I have great credit and he has horrible credit, if we go to buy a home, do they require him to apply as well? Also, I heard something about taxes- if your married and file jointly, does it negatively affect your tax returns? i.e. you get less money back??

Any good reason not to get married?

 
Anonymous

Asked by Anonymous at 5:54 PM on Aug. 27, 2010 in Relationships

This question is closed.
Answers (10)
  • Credit reports do not merge with marriage. That only changes if you apply for credit together but all sole owner accounts stay the same. You can apply for mortgages separately however you can't use his income on the application if he's not on it and vice versa. Also in most states the spouse has to sign for any contract regarding home ownership because even if one spouse is not "on the house" they have an interest in the property and can take half the equity in a divorce regardless of titling. Tax deductions are higher for married people so its advantagous to be married unless your low income and getting married puts your income over the limits to receive "earned income credit". Get a tax book or look up limits online to see.
    bjane01

    Answer by bjane01 at 7:34 PM on Aug. 27, 2010

  • SO and I arent married. We were looking to buy a home and they didnt really say anything like "you have to be married". I'm a sahm and he works so he'll be the main signer and I'll be the co-signer. He put me and our son as his dependants on his w2 forms and he gets more money. not sure if being married will give him even more.....
    Owl_Feather

    Answer by Owl_Feather at 5:56 PM on Aug. 27, 2010

  • You do not have to put your husband on credit/loan applications if you don't want to.
    If you are married, and file jointly, you are eligible for the earned income credit and such.. You can get more money back that way.
    Once married, any debt acquired during marriage is considered joint debts if you live in a community property state.

    Either way, don't get married until you are FULLY ready to be married.
    xxlilmomma09

    Answer by xxlilmomma09 at 6:02 PM on Aug. 27, 2010

  • Our taxes didn't change when we got married but they did with our children being born. When we went to buy our home, the mortgage company ran both our credits, they are not great yet but he is the one working until I'm done with school so mine didn't matter anyway. He is the one making the payments. It depends a lot on where you are, what you are trying to buy and who you are going through as to whether or not both of your credit scores are needed or not.
    Anonymous

    Answer by Anonymous at 6:06 PM on Aug. 27, 2010

  • my husband has really bad credit also and i married him anyway. i'm not one to live w someone. my credit score has actually gone up. so it doesn't appear as his credit hurt mine although i have heard that it would. i guess my credit would be better if i wasn't married to him.
    melody77

    Answer by melody77 at 6:35 PM on Aug. 27, 2010

  • maybe you should ask this in the money section so you can get real answers from some mom that deals or works with money and is browsing that section.
    melody77

    Answer by melody77 at 6:36 PM on Aug. 27, 2010

  • I asked a professional about that once, and he no, it will effect each other's credit unless you're putting both names on the contract. That's the only way our credit would effect each others.
    Another thing about being married, you have more privilages. If something were to happen to either one of you (not wanting it to!) and one is in the hospital, saying you're his wife or he's your husband has a lot more hold on decisions that may need to be done. Otherwise, they'll go to next of kin, like a parent instead of you.
    KricketMother09

    Answer by KricketMother09 at 7:15 PM on Aug. 27, 2010

  • sorry, my daughter was in my arms while i was typing, I meant to say that the professional said it would NOT effect your credit.
    KricketMother09

    Answer by KricketMother09 at 7:17 PM on Aug. 27, 2010

  • Other advantages? Other than having a commitment and stability? Marriage is a legal contract that requires legal action to get out of. So if the relationship ends you have the ability to get certain things divided with a divorce. You have the next of kin advantage for medical issues and if hubby dies things go to you first. In some states you have to be named the beneficiary on a retirement account.
    bjane01

    Answer by bjane01 at 7:40 PM on Aug. 27, 2010

  • Yeah girl you TAKE on that MANS DEBTS, shoot if he goes philandering you could be paying child support!!!
    Caramel824

    Answer by Caramel824 at 8:04 PM on Aug. 27, 2010

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