Fiancé has debt from his past. What happens when we marry

[chickadeeeee]

Just that really. Do I inherit his debt when married?

No but obviously if he's spending a lot on repayments then there's less family money and you might have to spend more on bills.

Why was he in debt? How much is the debt?

No. It's still his.
It will affect your financial situation as a family unit though. The more he has to pay to his debts, the less he has available to pay his share of expenses.

The debt is from his ex wife from 12 years ago. He has about 20k left to pay off.
I am not financially dependent on him but then again don't want to pay his debt or get stuck with them.

How is he with his money? Irresponsible? Does he have savings? It's been 12 years, why hasn't he been able to pay this off?

It’s not a great start to a marriage as it will affect your future in terms of mortgage etc. and obviously less available income for you as a couple.

Is he being 100% honest with you about it. Debt has a funny way of doubling if you're not careful

DH had debt from his first marriage when we married. I helped him to pay it off. Once we were married I considered all our finances to be shared and that includes his debt. Even though it was from a personal loan he took out to pay for his ridiculously over the top first wedding!

We are both mid 50's. I own my home and he would live here with me. Our money is separate but he pays his way without problems.
It's only over the last few years he has started to pay off the debt due to not working with serious health problems. The debt is what his ex wife took out in joint names after they had separated. I don't know how he is liable for it but he has accepted it as his. 🤷‍♀️

@CandyLeBonBon

Is he being 100% honest with you about it. Debt has a funny way of doubling if you're not careful

Yes I have seen all the paperwork.

I think I'd live together rather than marry him. I wouldn't risk losing my money at that age. £20k is an enormous amount of money and I wouldn't want a financial connection to him.

@HollowTalk

I think I'd live together rather than marry him. I wouldn't risk losing my money at that age. £20k is an enormous amount of money and I wouldn't want a financial connection to him.

This is why I am asking. I don't want to take any risks.

Question about Parental Responsibility.
Mum has young teens, no other adult with PR, father deceased.
HAS made testamentary guardianship provision in will.
However, if she was incapacitated suddenly and not able to exert her PR due to for example being unconscious, who could look after these children?
Thanks in advance

Personally I would wait until he is debt free.

I presume you both have your own homes.

Apologies ~meant to start thread of my own 🤦‍♀️

@FinallyFluid

Personally I would wait until he is debt free.

I presume you both have your own homes.

I have my own home. He rents.

It's not that you're going to have to take it on his death, but think about it. If you wanted to divorce him in 10 or 15 years time, so not a short marriage, what would you lose? What would he game? I'm around your age and I wouldn't lose my house for anything. I wouldn't marry anybody who didn't come in with an equal amount of capital.

Apologies, I was dictating that, you will just have to make sense of it!

@HollowTalk

It's not that you're going to have to take it on his death, but think about it. If you wanted to divorce him in 10 or 15 years time, so not a short marriage, what would you lose? What would he game? I'm around your age and I wouldn't lose my house for anything. I wouldn't marry anybody who didn't come in with an equal amount of capital.

Good point. 😕

I'd seek legal advice if I were you. And I know that pre-nups aren't legally binding in the UK, but I'd get one anyway that lays out all debt and to whom it belongs. I'd also have it say that Party A accepts the debt as totally theirs and that Party B has no liability for it nor would Party A expect Party B to repay that debt.

But in reality, I wouldn't marry him. You have wayyy too much to lose. Much better to just live together and have papers drawn up for NOK for healthcare purposes and/or wills for any financial provision you and he wish to make for each other (if any).

I'm in my 60s and married, but if I were to become single, I would NEVER marry again. Not even if the man was a gazillionare. What I would have may not be much, but it would be mine and will be my children's.

At your age, his debt, the fact that he doesn't (probably can't) own his own home yet you do, I strongly advise you not to marry him. You have lots to lose, he certainly doesn't. In your 50's, such a financially imbalanced marriage is far, far too risky. Don't do it.

Thank you for all your replies. I have a lot to think about.

I am sure that his debt stays his on marriage, and a financial link would only be established on opening a joint account or taking out a joint financial product. If this does not happen, the bill will be settled out of his estate when he dies.

@chickadeeeee

We are both mid 50's. I own my home and he would live here with me. Our money is separate but he pays his way without problems. It's only over the last few years he has started to pay off the debt due to not working with serious health problems. The debt is what his ex wife took out in joint names after they had separated. I don't know how he is liable for it but he has accepted it as his. 🤷‍♀️

Eek that's a tough situation for you op. If I'm honest, having lived with someone who was awful with money, I would put the breaks on

Why not move in together and not actually get married? It’s quite common these days. I think it makes more financial sense for you.

I'm happy to be corrected but I've heard many people say it's harder to divide finances for unmarried people in the event of a separation.
Just be careful OP.