My boyfriend and myself have anticipated marriage. However, there is quite a huge factor holding us back. He owes an upwards of $60K in student loan debt. His current job does not allow him to pay much toward these loans and some have already been sent to outside collection agencies from Sallie Mae. We live in Kentucky. I understand we aren't a community property state, so I should not be held liable for paying back his student loans. My question is, if we marry and keep all our income, bank accounts, credit cards separate will I ever be held liable for repayment of his loans? I know that I will have to be the sole signer on a home due to the fact that his credit score has been massacred by these student loans. If we are married, then file our income taxes as 'Married filing separate' would this ensure that the IRS can't take what I would get back as a tax refund?
1 Answer from Attorneys
Provided you are not listed on any of his debts you will not be liable. You will need to file separately for tax purposes to avoid student loans taking any of your tax money (unless you file as an innocent spouse in which case you can file together, but this is more complicated and will delay any refund you might get). As you state he should not be on the home loan either nor any of your debts you get as this will hurt your credit rating.