Is debt shared?

Guest2

Guest2

Guest2

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As per title really. Is debt shared when married and/or a couple have children?

e.g. If i have 50k of debt and marry someone, does the 50k debt then fall on the other person if i cannot pay it back?
 
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My understanding is that prior debt isn't taken on by the spouse. Obviously any new debt taken on during the marriage will be jointly liable.

E.g. £50k owed by you will not magically be owed by your spouse when you marry. But if you take out a new loan during the marriage then it probably is.

Also consider how it will affect the spouse as the debtor will obviously have less money to bring to the marriage as a lot of their earnings will go to paying off that debt. So the spouse may end up indirectly paying some of that debt because they pay for everything else in the marriage. Personally I would never be able to marry someone with significant debt. I would insist it is paid off before we married, even if that delayed the marriage.
 
Guest2 said:
Department?
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Couldn't stop myself, I'm a grammar Nazi.

Grammar-Nazi-II.png
 
Hades said:
My understanding is that prior debt isn't taken on by the spouse. Obviously any new debt taken on during the marriage will be jointly liable.
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Surely it can be when a couple have been married or together for X amount of time?

From what I understand long term relations, especially when legalised, amounts to assumed collective debt even if said debt was owned by one partner, that the coupling can make them both liable under certain conditions?

I say this based on debt collection agencies running after people connected to those who have debts, it might simply be them chancing to get money?
 
Gray2233 said:
I say this based on debt collection agencies running after people connected to those who have debts, it might simply be them chancing to get money?
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Of course they run after people they think will pay when panicking. They want the person to think they are liable. The debt collector doesn't care who pays. They will go after anyone they think they can get the money from.

For example a debt collector came after me for someone else's debt because I had the surname, initials and lived in the same area as someone they could not locate. I had to get very assertive with them to tell them to leave me alone before they stopped telling me I was liable. Debt collectors don't care who pays, as long as someone does.
 
I mean if it's you with the "dept" then crack on.... :)

But I'd be a bit wary of a partner with 50k of debt (depending on how it was accumulated) - if it is just student loan debt etc.. then fine, if you're talking credit cards (unless they're earning a fat salary and could pay it off quickly) or a car they couldn't really afford then that's not a good sign.
 
Hades said:
Of course they run after people they think will pay when panicking. They want the person to think they are liable. The debt collector doesn't care who pays. They will go after anyone they think they can get the money from.

For example a debt collector came after me for someone else's debt because I had the surname, initials and lived in the same area as someone they could not locate. I had to get very assertive with them to tell them to leave me alone before they stopped telling me I was liable. Debt collectors don't care who pays, as long as someone does.
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Pretty messed up, but I agree.
 
Mr Joshua said:
I looked a little into this, I believe that even when married even new debt isn't shared unless it's a joint debt.
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Expanding on this, it really depends on what the debt is. Unsecured loans should be written off if you die. However if it's a secured loan then I believe they can pursue the monies via your leftover assets.
 
Hades said:
For example a debt collector came after me for someone else's debt because I had the surname, initials and lived in the same area as someone they could not locate. I had to get very assertive with them to tell them to leave me alone before they stopped telling me I was liable. Debt collectors don't care who pays, as long as someone does.
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A lot of this is just down to laziness of the DMC. For them they just have a client name, and they'll likely just run a quick search on the electoral register and use those details to chase you down. Majority of the time it is correct, but it's the incorrect ones that takes them ages to figure out.

Case in point, we moved into a house towards the end of summer. Previous occupants didn't settle the energy bill. Energy company has sold the debt on, and I've now had 4/5 letters through the post asking about the debt. If the DMC did a little bit more research, they'd find out that the previous occupants no longer live there, and thus sending them payment demands is futile.
 
Semple said:
Expanding on this, it really depends on what the debt is. Unsecured loans should be written off if you die. However if it's a secured loan then I believe they can pursue the monies via your leftover assets.
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That isn't true, sure if the person has no money but if they do then why wouldn't a creditor chase it/expect payment?
 
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