Worried about what happens to your debts when you get married. Worry no more, we have the answer.
So, the question is, if I get married will my debts follow me and affect my new husband or wife? We can put your mind at rest very quickly with this question – no, the debts you took in your name, will remain in your name, even after you’re married. In this blog we’ll look at why that’s the case.
But first, if you’re worried that your debts are becoming unmanageable, why not speak to one of our trained debt advisors. We can go through your budget with you and work out the best solution for you. All you need to do is choose one of the ‘contact us’ options on the left of the page and take your first step on the path to getting your finances back under control.
Okay, now that’s out of the way, let’s get back to getting married when you have debts. Most people naturally think that once they get married, everything they have and own becomes jointly owned by their spouse, including any debt. Well, we can confidently tell you that this is not the case. We’ll explain why.
Debt taken in your name, remains in your name
When you apply for credit, if you do it in your own name, it stays in your name. And you remain the sole person responsible for it. This is true whether you take out credit in your sole name before or after you marry.
This would be true even if the unthinkable happened and you died. You could be safe in the knowledge that your debts will not get passed on to your spouse. Instead any debts you have will be paid out of your estate, which is any money or property you have in your name when you pass away, if you have any.