Kalyan Kumar’s Post

Am I responsible for my partner’s debt?’ It’s a question most people are unsure of. Here are the answers to some of our most frequently asked questions about debt in relationships. https://lnkd.in/dAqdcKSZ #marriage #finances #CRA #debt #financialgoals #mortgage #income #liability #stress #relationship #marriageproblems #divorce #creditors #wages #debtpayments #creditrating

No one likes to go into a #marriage thinking about it ending, but if your partner is bringing a lot of debt with them, it’s vital that you figure out if you’ll be responsible for it. By and large, debt they incurred before the rings went on is not yours to settle unless you become a joint owner of the account. In most states, you won’t be liable for debt taken on after marriage unless it benefited both parties (car loan, mortgage, etc.). If you live in a community property state, the rules will be different. The best thing to do is to be honest up front about financial situations, and take any legal steps necessary to protect yourself. It’s an uncomfortable topic, but it’s a very important one! Learn more: https://lnkd.in/eeevWV4v #AgFedCreditUnion #FinancialPlanning #MoneyTips #MoneyDig

No one likes to go into a #marriage thinking about it ending, but if your partner is bringing a lot of debt with them, it’s vital that you figure out if you’ll be responsible for it. By and large, debt they incurred before the rings went on is not yours to settle unless you become a joint owner of the account. In most states, you won’t be liable for debt taken on after marriage unless it benefited both parties (car loan, mortgage, etc.). If you live in a community property state, the rules will be different. Communication is key! The best thing to do is to be honest up front about financial situations, and take any legal steps necessary to protect yourself. It’s an uncomfortable topic, but it’s a very important one! #PeopleHelpingPeople #CreditUnions #CUDifference #Community #local #Hometown #myGreeley #weldcounty #NOCO

When not managed effectively during divorce proceedings, mortgage debt can lead to long-term financial consequences: https://bit.ly/3Dxnf0E

Did you know your spouse's credit score can impact your financial future? Joint loans, debt consolidation, and credit habits play a big role in partnerships. How do you manage finances with your partner? 🤵🏻♂️👰🏻 A credit score is a numerical representation of creditworthiness, ranging from 300 to 900, where a higher score reflects better financial health. When couples apply for joint credit accounts, such as home loans, both partners’ credit scores are considered. A spouse with a low score can result in higher interest rates or loan rejections. Factors like credit utilisation ratio (credit used vs. total limit) and credit inquiries for joint loans can also impact scores. High credit utilisation or multiple inquiries may lower scores. Debt consolidation, often done after marriage, must be managed carefully to avoid negative effects. Open communication about financial goals, spending limits, and credit habits is essential for a healthy partnership. To protect individual credit, couples can maintain separate debt accounts. Monitoring credit reports regularly helps identify and resolve issues early. Responsible credit management, clear boundaries, and transparency ensure a strong financial foundation and improved credit health for both partners. 🤔What are your thoughts on managing joint finances and credit? Share your tips below! #marriage #partner #loan #creditscore #financeforlife #job #profession #money #future #goals #husband #wife

First-Time Homebuyer: At least one of the borrowers on an application must be a first-time homebuyer. To be considered a first-time homebuyer, a borrower must meet one of the following criteria: The borrower has never purchased a home before; In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; or, The borrower recently experienced the breakdown of a marriage or common-law partnership. On this point, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.

This is an all to common situation that many newlyweds find themselves in today. With mortgage rates at all-time highs, inflation, outpacing merit increases, and wedding expenses at record levels, it is difficult, if not impossible to stay ahead. Emily and I experienced some of these pressures when we are married in 2022. We learned that it is so important to tackle our financial situation in the same way as you tackle a business plan. Making the decision to combine finances through marriage can be the best decision anyone makes to improve their overall financial outlook. However, it has to be well thought out and tended to on a regular basis. #marriage #personalfinance #weddingday #inflation

1. Tailored loan options for your unique situation 🏡 2. Streamlined application process to save you time ⏰ 3. Expert advice on jumbo VA loans & divorce lending 💼 What others would you add? Share your thoughts or 📞 469-373-3107 to discuss how we can take the overwhelm off your shoulders! 🙌 #HomeBuying #MortgageSolutions #StressFree #pbjteam #makingmortgagesimple #fyp #homebuyingtips #dfwrealestate #housebuyingguide #mortgagetips #homefinancing

1. Tailored loan options for your unique situation 🏡 2. Streamlined application process to save you time ⏰ 3. Expert advice on jumbo VA loans & divorce lending 💼 What others would you add? Share your thoughts or 📞 469-373-3107 to discuss how we can take the overwhelm off your shoulders! 🙌 #HomeBuying #MortgageSolutions #StressFree #pbjteam #makingmortgagesimple #fyp #homebuyingtips #dfwrealestate #housebuyingguide #mortgagetips #homefinancing

Did you know that if you are a first time home buyer, you can access the money in your RRSP for your down payment? The government recently increased the amount you can withdraw to $60,000 with no tax implications. Remember, you have not paid any taxes on any money that you put into the RRSP. And if two of you are purchasing you can withdraw up to $120,000! You have 5 years to start paying it back, and at that point you have an additional 15 years to actually pay it off.     And there are times where even if this is not your first house you can still pull money out from RRSPs! This includes couples separating during a divorce or you haven't lived in a home that you or your spouse has lived in for the 4 years prior.     📱(289) 274-7607  📧[email protected]