Getting married involves a lot of shared responsibilities, one of the most important of which is money! How to manage your finances when they are pooled, while managing your own money? It’s a challenge!
This change in habits can be particularly difficult when a credit of money comes into account: how does this happen in a married couple?
A money credit for a married couple: who pays what?
Married couples, on the face of it, share responsibilities that engage them both, financial responsibilities of which are an integral part. Among the expenses that concern the couple, there is a distinction between those that are common, also known as “household maintenance expenses and children’s education”, and those that are individual and that concern each member of the couple.
The responsibility for repayment of a loan of money therefore depends on the cause of it: if it was contracted from a company to finance the tuition of a child of the couple for example, both spouses are engaged and each have a financial responsibility for the loan contracted. Thus, the reimbursement of the latter is the responsibility of both spouses concerned and can fall completely on one, if the other is not able to make monthly repayments.
This is also the case for so-called solidarity taxes, which concern the couple’s common resources (income tax, housing): the creditors can ask for the settlement of the amount imposed on both spouses, without any distinction or possibility of opposition.
On the other hand, in the case where the credit of money was contracted by a single spouse for expenses which are not shared by the married couple, such as the financing of a solo trip, only the contractor is responsible for reimbursement and can not engage the other in his debt. In this case, the spouses are not “solidary”, they have no responsibility in the debt of the other.
How to manage a money credit in a wedding?
Managing a loan of money in a marriage is engaging and it can bring a lot of arguments and conflicts in the couple. Honesty and clarity in financial relations are therefore very important assets for managing your finances in pairs. When the loan is contracted out for common expenses, it is important to plan the future monthly payments and how the money borrowed will be used in the couple’s common expenses.
This is an aspect to discuss at the time of the credit contraction, between spouses, but also with the lender, whether private or not can help find a favorable solution to the various parties involved: do not hesitate to ask questions to the lender! It is also important to think about the future of the loan in the event of a separation of the couple, which does not change the responsibility of the two people in repaying the loan.
If the loan of money was contracted by a single member of the couple, the principle of solidarity does not apply, but it is not a reason to bear the burden of debt alone. Spouses can help each other with a joint account, for example, as long as the monthly payments are paid.
A credit of money is, like any financial decision made by a married couple, a commitment and a responsibility: it is thus necessary to think of two to find the best solution, by appealing to a specialized organization and accustomed to the requests for loans of urgent money.