Two people are not jointly Easy Cellar Review responsible for debts taken out in individual names just because they are married. The marriage has nothing to do with it. So, your partner could have a £10,000 loan in his name and you are not liable for it, he is. It depends whether or not you took out the debt in joint names. This is an important distinction to make.
However, it could get messy if you are both named on a mortgage and the deeds of the property and your partner cannot afford to pay a loan in his name. The creditors can then apply for a charge on his share of the equity in the property.
For example, this might have nothing to do with the wife if it is a loan to the husband's business but the family home could still be at risk.
There have been several court cases in recent years where banks have sought to repossess homes where wives have signed agreements for loans to their husband's business but subsequently denied having understood the consequences.
Most people's second-most valuable asset is their pension fund. Usually, this will be in the husband's name and, often, a non-earning wife may have little or no pension fund of her own.
However, there are also cases where the wife has access to a final salary or defined-benefit pension which might be far more valuable than a husband's money purchase or defined-contribution scheme and so could substantially alter the division of assets. Anyone involved in a divorce should be aware of the three main options facing them if a private pension pot has been built up.
However, it could get messy if you are both named on a mortgage and the deeds of the property and your partner cannot afford to pay a loan in his name. The creditors can then apply for a charge on his share of the equity in the property.
For example, this might have nothing to do with the wife if it is a loan to the husband's business but the family home could still be at risk.
There have been several court cases in recent years where banks have sought to repossess homes where wives have signed agreements for loans to their husband's business but subsequently denied having understood the consequences.
Most people's second-most valuable asset is their pension fund. Usually, this will be in the husband's name and, often, a non-earning wife may have little or no pension fund of her own.
However, there are also cases where the wife has access to a final salary or defined-benefit pension which might be far more valuable than a husband's money purchase or defined-contribution scheme and so could substantially alter the division of assets. Anyone involved in a divorce should be aware of the three main options facing them if a private pension pot has been built up.