HI I am going to be married in a few months to someone who has huge student loan debts (privately financed, not gevernment)but a very unstable career that has frequent layoffs. I would like to buy a home, but I was wondering if I should do it before or after the wedding? If he suddenly can't pay his student loan payments because of unemployment, can the creditors come after my assets as well if the assets were bought after the wedding? We live in NJ. maritza
Yes, technically they could attach your assets, if they are in your husband's name as well. If you are converned, it is propbably best to purchase the house before you get married, and keep it in your name only. Do not do a "quick deed" or similar transaction to put his name on the deed or mortgage. They cannot "take" your home though, they can only attach it through a judgment (after suing). By attaching, they secure an interest in your home/house where they must be paid (out of poceeds) if the house is sold. You may want to confer with a financial planner regarding your combined finances and debt structure. It may be possible to restructure the debt of the student loans to make them more palatable with your financial situation. I don't mean to sound like Suze Orman here, but you two should sit down and review your entire financial picture as a couple. "Things" change once you're married, and going in with a clear picture of where you stand and who pays what is a healthy exercise.
