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He had a bankruptcy

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Post #1 of 3 (4956 views)

He had a bankruptcy

I am 44 and have been divorced for over 5 years. I believe that the man I'm dating and am in love with will be popping the question very soon. I'm ready to marry him, with one exception: financial concerns. He filed for bankruptcy a few years ago, and even though it's settled, that is still on his credit report and of course, he has bad credit. I have good credit.

If we marry, how can we prevent his bad credit record from "rubbing off" on mine? Can we possibly keep our finances separate enough as a married couple to not bring my credit rating down?

I'm also concerned about the fact that if I remarry before age 60, I lose social security benefits based on my former spouse's income. During my past 15-year marriage, my ex was the primary breadwinner (executive making good money) and I was the primary child-care provider and homemaker with very little income. Presently, I'm an office worker living modestly, and I don't forsee that status changing in the future.

Another concern would be losing my current tax bracket, "single head of household". I believe that remarriage will cost us thousands of dollars per year in taxes.

I'm considering an alternative type of marriage....one that is for social/family/religious reasons but not legal, through the state. We don't want to be "just living together" in the eyes of our family and community. Have you heard of this? How can I go about learning more about it?

GettingRemarried.com Legal Advisor

Post #2 of 3 (4941 views)

Re: [In reply to]

Hi.

As for your credit question, I suggest speaking to a local attorney to advise you of how you can protect yourself and your credit rating. As for the questions about alternative weddings not sanctioned by the state, I am not aware of any such concept.

Regards,
Legal@gettingremarried.com

NonDenominational Minister

Post #3 of 3 (4940 views)

Re: [In reply to]

ga_beach girl:

You pose a number of issues that are common to many couples considering marriage.

As to the issue of poor credit rating, I know couples that keep their finances separated - especially when it comes to credit applications - and it seems to work for them. Check with a financial counselor to find out if you can apply for credit within your state without jointly applying with your husband. The counselor should be able to tell you if / how you may maintain a separate credit status.

Regarding the issue of Social Security benefits, the Social Security Administration should be able to answer your questions from a hypothetical standpoint.

As to the marriage tax penalty, I seem to recall a change (or pending change) in the tax law as it applies to the way taxes are to be computed for married people. Check with a tax professional on this one. The folks at your local Jackson-Hewitt or H&R Block office can give you up-to-date information on this issue.

So far as 'alternative' marriage is concerned... You have the option of living together without being married. Having a faux marriage celebration will only give you an excuse for a get-together and have no legal or traditionally religious benefit since most (if not all) states require officiants to submit an executed marriage license. If you do not want to marry legally, be sure that your state is not a 'common law marriage state'. If so, should you live together for the statutory period, you may be considered legally married.