My partner has a lot of debt. Should we get married?


It might be tempting to only look at the romantic side and say that love conquers all and that you should get married. The truth is however that once you get married your partners economy will start to affect yours. In some situations it can be better to stay engaged until your partner credit score can be repaired. It might not be romantic but it can make it easier for you two to realize your dreams together and then a few years down the line you can chose to get married in a better economic situation than you otherwise would be in. If you choose to wait to get married you should immediately start to work toward repairing your partners credit score. This can include helping them financially to pay down the debt. If your partners low credit score is due to too much debt and too many inquires it will be possible to repair the credit score quickly by paying down the debt. The inquiries disappear from the record after two years. If this is the case then you can spend that time to repair the credit score and plan a fantastic wedding. ( DO NOT borrow money for your wedding)

If your partners credit score is low due to delinquent payments it will take a lot longer to completely rebuild the score. In this case it will take 7 to 10 years depending on what type of payments he or she failed to do. Your partners credit will however start to improve a lot sooner than that and could reach a level where you can get married in just a few years.

It is important that you know that your partners credit score and the rates he pay on his personal loan can be affected by loans he has in his business.  If this is the case you should seek to separate the personal loans and the business loans into two completely separated legal entities. This can be a quick way to improve the credit score and increase the security of your personal economy for the future.  To do this you need to form a new corporate entity and move the business into this entity. It is not always possible to transfer the loans to a separate legal entity due to the fact that this increases the banks risk. (You are no longer personal responsible for the loan). You can therefor be forced to apply for a new loan to be able to pay of the old ones and thereby move the debt to the new entity.  Use websites that focus on business loans to find a  good loan for your purpose.   Good websites that can help you find a good business loan includes Lending Club, företagslå and this Forbes article.

If your partner has a tendency to be less then responsible with bills it can be a good idea that you take over the responsibility to make sure that the bills get paid each month. You can set up a monthly transfer to your account that you use to pay your partners bills.

If you and your partner decide to be practical rather than romantically and wait to get married there are a few things I recommend that you do.

  • The first is to make a plan for how you should improve your partners credit and by when you want it to be good enough for you to get married. This way you both get a joint goal to strive towards.
  • The second thing I recommend is that you write a legal contract between the two of you that give the both of you the same rights and obligations towards each other that you would have if you had get married. This way both of you will have the same protection, the same piece of mind that you would have had as a married couple. This is especially important if you buy a house together using the better credit score.

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