MMD: Should Wayne protect his finances from Coleen?

Here's this week's hypothetical situation for you to cogitate on:
MMD: Should Wayne protect his finances from Coleen?

After six months of marriage, housewife Coleen confesses to taxi driver husband Wayne she's accumulated £50,000 of credit card debt, the vast majority while she traveled the world. Staggered by his wife's admission, Wayne wonders what to do for the best. They were about to buy a house together and apply for a joint mortgage, but that would mean becoming financially linked (see credit scoring guide), so now he’s considering keeping everything separate. Should Wayne protect his finances from Coleen?

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Comments

  • Wayne should keep all their finances separate until Colleen has dealt with her debt - arranged to pay it off or go bankrupt. If this causes problems between them, then they should contact a debt counselling service, CAB, CCS or similar so that the reasons to keep their finances separate can be explained.
  • Yes, he should.
    Be nice, life is too short to be anything else.
  • cranhill
    cranhill Posts: 310 Forumite
    Hi, Unless he has the odd £50,000 knocking around he should keep his money seperate. She should have told him before they got married.
  • is he now libel for the dept as he married it?

    if not she misled him so get out - shes not paying that money back in the next year so he will have his whole life on hold waiting for her to sort it out
  • lamp
    lamp Posts: 57 Forumite
    Tough one... they are married though, and it is for better or for worse. Perhaps she was embarrased to tell him because she was scared he'd leave her. Also, perhaps she has this somehow under control, and has told him to try and be honest... not expecting him to pay her off... Maybe they should work together to see how best to deal with the debt before considering a house!
  • that could take years
  • Yes, keep finances seperate, but don't desert her when she needs you! Support and assist in paying as a couple - just don't have her name on anything legal until the debt is cleared.
  • Taffybiker
    Taffybiker Posts: 927 Forumite
    Wayne should keep his own finances completely separate. Any property they buy should be in his name only.
    Colleen must take care of her own financial woes else she will never learn to manage money.
    If her marriage to Wayne is for genuine reasons, Colleen will agree to the above.
    Try saying "I have under-a-pound in my wallet" and listen to people react!
  • colinb12
    colinb12 Posts: 20 Forumite
    Sorry to be dead cynical, but I think pre-nup agreements should be legally binding, there are too many gold diggers out there, traditionalists my argue that it should all be about love etc, but that is rubbish, no-one can afford to start again now in this day an age unless your a millionaire.

    He should make her pay the debt before allowing her access to any of his stuff, and a legal agreement should be in place.
  • robpw2
    robpw2 Posts: 14,044
    First Anniversary Combo Breaker
    Forumite
    yes he should


    Slimming world start 28/01/2012 starting weight 21st 2.5lb current weight 17st 9-total loss 3st 7.5lb
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