View Single Post
  #9 (permalink)  
Old 04-07-2016, 11:27 PM
Rioe's Avatar
Rioe Rioe is offline
Senior Member
Join Date: May 2010
Location: Ontario
Posts: 3,246
Rioe will become famous soon enough

Originally Posted by stripes View Post
If you're talking about a student loan one party had when you got married, which both parties knew about, it would clearly be shared debt. If one party goes out tomorrow and borrows $10 000 without telling the other party, and spends it on something for him/herself alone - like taking a solo vacation in France or buying a fancy motorcycle - the loan would probably be considered the responsibility of the party who borrowed it.
I think you have this backwards.

Student loans one party had before marriage count against only that person when calculating their net worth at marriage date. If it's from before marriage, it's not a shared debt.

And if one person borrows money without the other person knowing, both people are still on the hook for the debt 50-50. That's what becoming one financial entity through marriage means. If it's from after marriage, it's a shared debt.

Of course, both situations can have exceptions, but consulting a lawyer is a wise course of action to determine if you're one of them.
Reply With Quote