friend getting married - what happens if the worse were to occur?

economic

Hi


my friend is getting married, he is worried since he has substantially more in savings/investments then his fiance, if the worse were to happen then he would lose half of it.


He doesn't like talking about it or thinking about it but asked me to look into it for him. My friend is also looking to buy a house together with his fiance and would be putting in 80% of the deposit.


he doesn't want to do a prenup or anything and there is absolutely no reason at the moment they would get separated but just wants to get an idea if the worse were to happen.


specific questions are:


- are all assets protected that have been acquired before marriage, from a divorce?
- what about post marriage? I heard assets get split 50-50 for anything earnt after marriage?
- should my friend make sure the house is in unequal shares according to the deposit paid between the 2? what about mortgage payments - how should this be split?


thanks for your help.

enthusiasticsaver

It is a grey area unless a pre nup is in place laying it out in black and white.
In the case of divorce it depends on earnings and assets in both parties names for a certain number of years but I think after the marriage has lasted 10 years then there is no longer a distinction between what each party puts in.

They can purchase a house by putting in unequal shares but this can get very complicated. What happens if they have children and your friends wife has to reduce hours for childcare?

If your friend is that worried about it tell him to get a prenup.

elephantrosie

hmm.... maybe he should consider marrying someone who is financially on par with him? or better?

Flobberchops

3 options:
1) Do the prenup
2) Call off the wedding
3) Stop worrying about it

username12345678

He's betting the assets he's accumulated on hi marriage lasting the course.

Around 40% of marriages fail iirc so what that - a 6/4 shot?

melanzana

The best thing to do is pay for independent legal and financial advice. It will be the best money he (you) will ever invest. You're welcome.

POPPYOSCAR

melanzana wrote: »

The best thing to do is pay for independent legal and financial advice. It will be the best money he (you) will ever invest. You're welcome.

.......is not get married.

jimjames

POPPYOSCAR wrote: »

.......is not get married.

Assets may well get split if you buy a house even if not married

melanzana

POPPYOSCAR wrote: »

.......is not get married.

Well, maybe get the professional advice/information, and THEN decide whether to tie the knot or not.

johnmoney05

Flobberchops wrote: »

3 options:
1) Do the prenup
2) Call off the wedding
3) Stop worrying about it

1) In most cases, a prenuptial agreement doesn't necessarily work. Situations do change after marriage, like having kid, and the child's welfare shall be the court's paramount consideration.
So, probably left with the option 2) and 3). And my advice is the option 2), if your friend ever has doubt.

atush

Tell him not to sleep around, then maybe the marriage will stick.