Married = shared assets ? shared debts ?

optoutDB

I always thought that married couples owned everything in common (excepting specific agreements). I was thinking assets, but would assume this applied to debts as well.

But I keep seeing things like "bank account in his/her name" and implying that was not also the spouses money.

Hypothetical: My Fathers dies with debts of 20k, and assets of 50k in his bank account. His wife has assets of 100k in her bank account. What is the value of his estate?

Accountant_Kerry

£30k, for death, if they got divorced however that's different then its all the martial pot

Linton

optoutDB said:

I always thought that married couples owned everything in common (excepting specific agreements). I was thinking assets, but would assume this applied to debts as well.

But I keep seeing things like "bank account in his/her name" and implying that was not also the spouses money.

Hypothetical: My Fathers dies with debts of 20k, and assets of 50k in his bank account. His wife has assets of 100k in her bank account. What is the value of his estate?

Married couples do not own everything in common.  The ownership of an asset may be formally and legally defined, for example bank accounts, shares, vehicles and property. As I understand things, where a valuation is required of a jointly owned asset such as household furniture then ownership is normally regarded as 50/50.  Though personal items would be regarded as the property of the person who uses them.

Debts are specific to a named person or named people. That could be one or both of a couple.

In your hypothetical case and assuming that his bank account was his only asset your father would have a gross estate of £50K and net assets of £30K after payment of debts plus 50% of jointly owned assets eg household furnuiture. Though if he owned a Rolex watch that would be included as part of his estate.  His wife's assets and debts are irrelevent.

optoutDB

Thanks for the replies, as it happens my Father kept the assets balanced close to 50/50 so it makes very little difference to the final number, but now my method will be correct.