If I marry, will I be liable for his debts?

hum_lovely

My partner has a lot of debts and has broached the subject of marriage, however I have a good credit rating so far and am concerned that if we marry and subsequently have problems paying his mortgage, loans etc (as it is very likely as he is a self employed builder with very little work at the moment) that I will become liable for his debts. Does anyone know whether I would become liable for his debts, even though they are in his name and were taken out before we got together? Thanks in advance for any advice!

ceebeeby

No, I don't think so.

?? But then, if you're getting married, I guess you'd morally 'own' it too, with him, but no-one could come chasing you for any monies ??

Alleycat

You would not be liable for your husband's debts unless they were held in joint names. If anything were to happen to your intended then they would be claimed against any estate he had (this could include any property jointly owned etc).

Tim_UK_3

doesn't "for richer, for poorer" apply to marriages these days ?

MrsTinks

I don't think the OP was asking about morally
Legally no - you will not be liable for his debts and if you want to protect your credit rating in the interest of maybe needing a mortage in your name to keep the family home should he be unable to get renewal deals etc then do not take out ANY financial products together - like credit cards, loans and even savings accounts. ANY financial product with both of you on will link your financial records.

Best of luck

bookduck

No sure what would happen if the bailiffs gain access though. It may be hard to prove that YOU actually bought the jewelry/items/car etc and no married funds were used. I wonder how much of the family items will be seen as 'shared'.

He may get a bad credit score, and since you will be the same surname and address, be tarred with the same brush.

If you partner can't work with money, you will always be poor. Financial situations leads to so many arguments. Perhaps it is better to wait or help him out?

MrsTinks

bookduck wrote: »

He may get a bad credit score, and since you will be the same surname and address, be tarred with the same brush.

Financial "tarring" is person specific and does not affect anyone else with the same last name at the same address etc. Only if you have joint financial products will your credit records be linked.

bookduck

MrsTine wrote: »

Financial "tarring" is person specific and does not affect anyone else with the same last name at the same address etc. Only if you have joint financial products will your credit records be linked.

Sorry I disagree. The previous owner of the property let a room to a tenant who two or more years ago defrauded X and somehow B? bank lost money. The two other tenants with different names and different sex had their cash cards canceled and were asked to move their accounts. Since their English was very poor I had to contact the bank on their behalf and found that they had literally a 'mark' against their names (this just slipped out under the chaps breath).

It is the same for one of the services as well but can't remember which - found this out the hard way.

The property they live in is leasehold. The previous owner had an outstanding amount on the property. Me being the new owner I was liable for his 3 year old debts, even tough mine were clear. If I refused to pay they could legally reposses my property.

January20

Tim_UK wrote: »

doesn't "for richer, for poorer" apply to marriages these days ?

Isn't that FROM the time people are married?

Why should the OP take on her partner's debt is she wasn't responsible from racking them up?

And even if the OP is not legally responsible for them, won't she end up paying for them as when they are married their finances will be tied in the sense that if he has no money for paying joint bills,etc she will have to pay up and whatever her financial situation at the moment, her future financial situation will be affected by the fact her partner/ husband has a lot of debt?

bookduck

January20 wrote: »

...Why should the OP take on her partner's debt is she wasn't responsible from racking them up?...

Evil thought. There's this guy wining, dining taking this other woman on expensive hols, getting deeper into debt. Then they split up and the new parter is left paying for it

pinkshoes

What sort of debt are we talking about here, and is he coping with it? Are the two of you already financially linked i.e. joint bank account, mortgage together?

I think financial compatibility in a relationship is just as important as any other aspect of the relationship, and is often overlooked, and then goes on to destroy many relationships.

I would suggest you talk this through in depth with him, work out exactly how long it's going to take for him to pay off this debt, and maybe consider getting married when he's acheived this. It'll give him an incentive to pay it off ASAP!