How will getting Married affect my finances?

Comms69

YasmineA90 wrote: »

Please tell me how?
Advice received from both my solicitor and online both say that debt incurred before becoming in a relationship are that persons sole responsibility. I will never be responsible for his debt, and as long as we never open a joint bank account or have both of our names on a mortgage together then please tell me how I will be forced to pay for something of his?

That isn't what I said. Nothing to do with personal debt, but for example the house - regardless of who's name it is in, will be a marital asset should you divorce.

MissTigger

That isn't what I said. Nothing to do with personal debt, but for example the house - regardless of who's name it is in, will be a marital asset should you divorce.

No you said “married=joint finances it’s that simple”

We are having nothing joint except we are both going to be on a marriage certificate.

His debts were incurred before he met me. My mortgage is in my name and I can prove he has had no input on paying towards any of it. All bills are in my name.

The plans for my future are for me to continue purchasing property with my parents and siblings and it’s not something my partner wants to involve in or benefit from. It’s like a side hobby.

Regardless and without a doubt, in the event of a divorce, he would accept whatever payout I was to offer (which would be generous).

maman

YasmineA90 wrote: »

Regardless and without a doubt, in the event of a divorce, he would accept whatever payout I was to offer (which would be generous).

IF (and that's deliberately a BIG IF) you can be sure of that then all will be well. In law, depending on the length of the marriage, your property hobby or your own home can form part of the marital assets which he is entitled to a share of.

Gavin83

YasmineA90 wrote: »

No you said “married=joint finances it’s that simple”

We are having nothing joint except we are both going to be on a marriage certificate.

His debts were incurred before he met me. My mortgage is in my name and I can prove he has had no input on paying towards any of it. All bills are in my name.

The plans for my future are for me to continue purchasing property with my parents and siblings and it’s not something my partner wants to involve in or benefit from. It’s like a side hobby.

Regardless and without a doubt, in the event of a divorce, he would accept whatever payout I was to offer (which would be generous).

There are two 'issues' here.

Firstly lets look at the debt. While technically you're not responsible for it should he reach a position where he is unable to pay he will be considered as owning half of your property. It will no longer be just your property, it will be marital asset and ultimately they could force the sale of such a property to cover any debts, although they could only take up to half the sale price. You are essentially handing him assets, a company he owes significant money to won't just ignore that.

The second issue is any potential divorce. Assuming it isn't a short marriage the starting point would be a 50/50 split of assets, regardless of who's name they were in or when they were built up. He is free to give up his rights but a solicitor would almost certainly advise him otherwise and it would take a strong person to give up their claim on a large sum of money, especially if the split isn't amicable. He might not get 50% but he'd almost certainly be awarded more than whatever generous payout you're proposing.

It's also hard to dispose of assets like this when you're in debt. If he failed to pay debt in the future and they found out he gave up significant assets it could make things difficult.

I agree with some of the others, you don't really seem prepared to share, and in many ways rightly so. In your position I'd be considering if marriage is the right option for you.

If you do choose to get married and least go into it with open eyes and accept you could potentially lose a lot of the assets you entered the marriage with.

paddy's_mum

YasmineA90 wrote: »

We are having nothing joint except we are both going to be on a marriage certificate.

And THAT is the only joint item that matters!

Once you marry, the law of the land takes over. It can (and frequently does) overrule all and any agreements between the couple and it is this aspect that you seem not to be grasping.

What you or he think, say, expect, arrange or agree becomes completely irrelevant the instant you marry. Personally, in your shoes, I would be quietly seeking competent legal advice before taking an irrevocable step. Can you and your children afford not to know the realities?

Good luck.

Comms69

YasmineA90 wrote: »

No you said “married=joint finances it’s that simple” - It is. That doesn't mean you cant spend how you like, but it does mean that your assets are considered to be jointly owned.

We are having nothing joint except we are both going to be on a marriage certificate. - Why are you actually getting married?

His debts were incurred before he met me. My mortgage is in my name and I can prove he has had no input on paying towards any of it. All bills are in my name. - but you're married. So now it's his property as well

The plans for my future are for me to continue purchasing property with my parents and siblings and it’s not something my partner wants to involve in or benefit from. It’s like a side hobby. - Which he can claim from when you divorce

Regardless and without a doubt, in the event of a divorce, he would accept whatever payout I was to offer (which would be generous).

Unless it's half the joint assets, it's not generous.

Mojisola

YasmineA90 wrote: »

Regardless and without a doubt, in the event of a divorce, he would accept whatever payout I was to offer (which would be generous).

Gavin83 wrote: »

If you do choose to get married and least go into it with open eyes and accept you could potentially lose a lot of the assets you entered the marriage with.

If you are totally convinced about his possible future behaviour, go ahead and get married but don't say you weren't warned if the relationship breaks down and your OH asks for half the assets.

swingaloo

How many posters have been on these forums trying to protect a house/money they had prior to marriage because they were certain that the person they were going to marry would never take anything in the event that they split.

Hopefully you will marry and it will be forever blissful but with already differing ideas about finances I wouldn't be so sure.

Fast forward ten years-

You start to get resentful because he is still spending money like water whilst you are sick of paying for everything.
or
He meets someone else and wants to separate and she tells him that he is entitled to his share of the marital pot.
or
You meet someone else and want him out so he decides he is so angry he will take you to the cleaners
or
Heaven forbid you die and he will inherit it all and squander your hard earned assets.

Obviously you are sure it will never happen and whatever the next 20 years throw at you he will still be happy to walk away with nothing but how naive is it to think like that.

There is no halfway house, if you marry then he instantly has an entitlement to the marital assets and a large percentage of people split and divorce for acrimonious reasons and once the divorce talk starts a solicitor would soon put him right whether he wants anything now or not.

paddy's_mum

Is this the same person you described very early on in your membership of MSE as abusive and violent?

26th July 2016

Happier_Me

OP, please read swingaloos last post and take it in. It might not be what you want to hear, but if you enter into marriage with more financial assets than your partner, you MUST accept the risk some of your assets may be awarded to your husband if you were to divorce in the future.

A pre nup is not legally binding in the UK... it might sway the Courts in your favour... maybe!

The longer the marriage, the less weight a prenup would have.

By all means get married but go into it with your eyes open to the risks to your finncial assets.