Prenup Necessary???

[katie48]

I am marrying in a few months and have a home with $55-70K equity on the market. I have stellar credit (790's) and his is not that great (mid 500's). He is trying to get his under control and is attempting to get out of an ARM mortgage and have it re-done with a fixed rate. My concern is if my home sells after we marry, and his credit further deteriorates and he cannot get his loan rate fixed, is my equity at risk of being taken by his creditors? I am in Michigan. Is it advisable that I obtain a prenuptial agreement? Can a prenup protect me? I also have less than $15K in stocks/Roth IRA. Will a prenup protect that as well? I don't plan on having any joint accounts with him or co-signing on anything until his credit is at least 650! I want to spend my life with him, but need advice!!! PLEASE ADVISE. :dunno::blush

 

[lwpat]

I don't see the need for a prenup. However, when you sell the house you may want to keep that money separate. If you use it to buy another house or put it in a joint account it will become marital property. Same for the stocks and IRA. As long as you keep them separate there will not be a problem.

Once it becomes marital property, his creditors can attach his portion.