Do debts become shared after marriage??

Do individual debts incurred before marriage become (by law) shared debts after marriage??

Maximus152 said:

Well would make sense they would seen as marriage is a contract and in a the contract you share and own equally (supposedly). In any case I can not think of any good they would not as if your other half had 1 million euro win before marriage that would be shared also if push came to shove. Your are 1.

Maximus

Click to expand...

None of this is true. Debts are owed by the person owing them - they do not magically become shared on marriage. Assets are owned by the person who owns them - they do not become shared on marriage. There is a derogation from that insofar as a Family Home is concerned. If owned by one spouse only, it cannot be disposed of by the owning spouse without the consent of the non owning spouse. But a court can dispense with consent.

mf

+1mf

There are CGT exemptions on the transfer of assets betwen spouses on and after marriage.

Maximus152 said:

MF1, lmao, you are living in cloud cuckoo land. You try tell that to any partner in marriage or for that matter any Judge you would be laughed out of the court room. Get real!

Maximus
Because Im worth it.

Click to expand...

Really? I can only assume that you have no legal background or actual knowlege of the law.

My post is an accurate precis of the law in relation to debts and assets.

mf

It's a new take on "How would you like to be buried with my people?"; "How would you like to merge your savings with my debts?".

No worries: you can marry somebody who is in debt without taking on the burden.

But a certain amount of prudence is involved. For example, if you create a joint account, then anything in it might be available to be pursued by creditors. Or if the person who is in debt seeks to avoid responsibility by transferring assets to a spouse, the courts might undo such transfers. In sum, if the debts are so large as to be a real threat to peace of mind, it might be good to sit down with a competent lawyer to go through what is possible and what is not a good idea.