The Affects of Marriage on Your Credit
Discussing debt in a relationship can be difficult, but it is necessary when two people decide to get married. Learning how you and your partner address finances will help you both better plan for the future.
Married couples don't have joint credit histories. Your partner's credit history will not be merged with yours. Only joint accounts will be reflected on both of your credit reports. If you don't add your spouse to your accounts, or vice versa, and you don't open any new accounts together, your credit reports will remain completely separate.
If you want to purchase a home with your partner, and you are relying on their income to qualify for a loan, you may need to include them on the mortgage. The lender will look at complete credit reports for both of you. However, if you earn enough income to qualify for a mortgage on your own, you do not have to include your spouse on the loan.
Both of you will be responsible for any joint accounts until they are paid off and closed. Many divorced individuals are surprised to learn that even if their joint debts are assigned to their ex in the divorce decree, that they are still on the hook for the debt until the account is paid. Late payments made on joint accounts can hurt both credit histories.
Creditors cannot come after you for debts your spouse incurred on their own before marriage. If you live in a community property state: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, or Washington, debts incurred after you got married are considered "community property" and both of you will likely be responsible for them.
It would be beneficial for you and your partner to review your credit reports before marriage, to address any different approaches to debt and credit. You should keep copies of both credit reports should any debts become an issue later. Two good books for you to read together are Debt Proof Your Marriage by Mary Hunt and Money Harmony by Olivia Mellan. Both are available from Powell's, a unionized bookstore.