It is important to know about your boyfriend's finances before tying the knot. Over the last four years, decisions my husband made in his first marriage have continually affected our finances. I was unaware of the effects certain things would have on me, even if they were done in his name. This is how his past financial decisions are affecting us today.
After his ex-wife moved out, my husband was still trying to make the mortgage payment on his own. He was able to stay afloat for a few months, but the house ended up in foreclosure. I moved in with him to help with things, but we were never able to bounce back. Not only did this ruin his credit, but it will prevent him from being on the mortgage that we are planning to get in the future.
Besides the house, he incurred a lot of other debt. There were credit cards, enormous cell phone bills, and household expenses like yearly dues for the gated community the house was in. After receiving a statement about being sued, he decided to file bankruptcy. Each pay period, nearly $200 is taken out of his check and used to pay the bankruptcy down. This means that we lose close to $400 a month because of poor choices he made several years ago.
Now that we are wanting to begin a life together and have own things, we are being held back. His choices with his ex-wife are affecting how we are able to live life. We won't be able to own a home, unless the mortgage is solely in my name. There is money going out of each paycheck that would help with our household bills. Right now I have a decent credit score, and I don't want to compromise what I worked hard to get.
Many couples don't think about what the other has done financially ahead of time. When it comes to living together and joining debt, things can get tricky. If you don't know what you are walking into, you may be in for the shock of your life. This is not where we saw our life in our late 20s, but we are dealing with what we have been handed. For now, I will have to make sure my credit stays intact, and he will have to pay off his bankruptcy and start back at square one.
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- Personal Budgeting