Joint debt after marriage?

Lucy_Lastic

Hypothetically - If a solvent person marries a person with large debts, does the solvent person become in any way responsible for the debts?

AlwaysWorking

No, the debt still remains in their name if it was taken out solely in their name. Obviously a mortgage taken out together or a joint bank account are different...and also mean that you would be 'financially linked' on your credit report which depending on their credit, could impact on yours.

Lucy_Lastic

Thanks for that. I suppose that if the bailiffs came to the house then the solvent person's stuff could be taken - or not? Perhaps proof of purchase in solvent persons name would stop them.

maggied_2

Hi Lucy
I looked into this when I split from my XH. They cannot chase you for debts that are not in your name. As is stated above you can be liable for debts in joint names.

The bailiffs should not be able to take anything from the house that is yours but I don't know how that would work in practice.

Depending upon how hypothetical this situation is if you go to one of the credit agencies (Experian, Equifax etc) you can become financially disassociated from a person which I would strongly recommend doing.

My XH ended up doing an IVA about 6 months after we split up - so glad I got away before he dragged me down with him.

Lucy_Lastic

Thanks. This is not about an Ex, but a friend who is about to get married. I'm not sure it's the sort of case where you would want to become financially disassociated. Possibly more pre-nup than anything, but I think that could cause ructions. I'm just a bit worried for her, but should keep out of it.

MrsTinks

So long as the not financially solvent person (let's call them A) and the solvent person (person do not have any financial products together there is no link between them regardless of being married... Should the bailiffs turn up then firstly they have allowed a situation to get to a VERY extreem point and yes having receipts in their name on any large or valuable items will certainly make it easier to ensure that their property is not removed. If it DOES get to the Bailiff stage then make sure they get some help (Herbie21 on here runs http://www.bailiffadviceonline.co.uk/index.htm - loads of advice on there)

There should be little reason for a pre-nup for the sake of debts to be honest - the only reason for a pre-nup in my view is if person B earns a HUGE amount or has a LOT of assets and wishes to protect these in the event of a divorce. But then I think starting any marriage with "btw you have to sign away all rights to my possessions and money in case we split because I don't trust you" is probably going to raise a few issues...

maggied_2

Ah right!

Well what I said stands about debt being the responsibility of the person whose name it is under.

No I don't think financial diassociation is the best way to start married life! Mind you, neither is starting with one person heavily in debt.

I hope for your friend's sake that their spouse to be already has a way worked out for paying off their debts.

Lucy_Lastic

Err, nope! Admitting it would be a start though.

(Humms..."there may be trouble ahead..........")