Getting Married...what happens??

gj195

Hello, thank you for taking the time to read.

I'm getting married next june and not sure the best course of action, or what actually happens.

I've lived in my house for 5 years now, and my parents helped by paying the deposit and have contributed finanically towards it when i was first starting out. My name is the only one on the mortgage. I am finacially dependant now, as is my fiance. But my fiance was discharged from bankruptcy last march, and it is still on his credit file. And when we started the relationship he had nothing, and i've helped him considerably financially since getting together.

We have a living together agreement in place, saying that should anything happen my OH has been paying 'rent' and not contributing to the mortgage. So what changes when we get married?

My dad has told me to see a solicitor, to get a kind of 'pre-nup'. Obviously i don't expect anything to happen between us..but who does?! I just want to protect what i've worked hard for and what my parents have invested in.

Hope that makes sense, any advice would be great!
Thank you

themull1

I would get something drafted up at a solicitors, but i'm biased, my husband has just left me after 13 years together. I thought it would never happen to me.

DVardysShadow

gj195 wrote: »

My dad has told me to see a solicitor, to get a kind of 'pre-nup'. Obviously i don't expect anything to happen between us..but who does?! I just want to protect what i've worked hard for and what my parents have invested in.

Equally, you should not be cutting your OH out of a share of the asset. And the other consideration is how did he become bankrupt and have the issues been dealt with?

I would suggest that you value the property and work out how much equity you have as a share of the overall value and your pre nup is written to assign that percentage of the value of the property to you and everything else halves

blueberrypie

I agree with your dad that you should see a solicitor and come to an agreement about what will happen to assets should you split up.

Additionally, I would suggest you do *not* get a joint account, joint mortgage or any other joint financial services until your OH's credit record is much, much better than it is right now, because once the two of you have a financial association, you will find it much more difficult to get credit yourself (including remortgaging). Marriage itself does not create a financial association, but any joint accounts (credit or otherwise) will - and it's not something that would do either of you any favours right now.

gj195

DVardysShadow wrote: »

Equally, you should not be cutting your OH out of a share of the asset. And the other consideration is how did he become bankrupt and have the issues been dealt with?

I would suggest that you value the property and work out how much equity you have as a share of the overall value and your pre nup is written to assign that percentage of the value of the property to you and everything else halves

Thank you, i don't intend to cut OH out in anyway, but want to avoid any unnecessary drama, should our marriage not work out. I would hate to start over from scratch. OH's BR was caused by his joint finances with his ex wife, he could have paid back over years but due to the constant harrassment from her, (the police were involved!) he decided to cut the ties and start over. He has been discharged and his credit file cleaned up and we are just waiting for it to fall off his credit file.

blueberrypie wrote: »

I agree with your dad that you should see a solicitor and come to an agreement about what will happen to assets should you split up.

Additionally, I would suggest you do *not* get a joint account, joint mortgage or any other joint financial services until your OH's credit record is much, much better than it is right now, because once the two of you have a financial association, you will find it much more difficult to get credit yourself (including remortgaging). Marriage itself does not create a financial association, but any joint accounts (credit or otherwise) will - and it's not something that would do either of you any favours right now.

Thank you, i know not to get anything joint financially, and intend to keep everything in my name until the BR drops off his credit file. Just didn't know if when we were married he was automatically entitled to half of everything.

Thank you for your responses, i'll certainly be getting legal advice!