Getting a bond

rietrot said:
How are you married bur don't manage your finances together? Crazy.
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This remains a foreign concept for me. Once you get married there shouldn't be any more mine / their lines, everything is shared, including finances.
 
Speedster said:
This remains a foreign concept for me. Once you get married there shouldn't be any more mine / their lines, everything is shared, including finances.
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You can still have it that way but an anc has many benefits to the couple as a whole. Ours is like that, we practice COP between us but legally and financially we are protected by an anc.
 
Kosmik said:
You can still have it that way but an anc has many benefits to the couple as a whole. Ours is like that, we practice COP between us but legally and financially we are protected by an anc.
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I think that is sort of what I meant. I'm not talking about the legal protection, tax planning stuff etc but the idea that as a married couple you have your money and I have mine.
 
As soon as we got engaged and started buying things we need, the wife and I started budgeting together.
I earn more than double her salary but we add everything as a pool and budget according to our total income.

Her sister and hubby have their own separate debt and are constantly fighting over money.
 
PsYTraNc3 said:
As soon as we got engaged and started buying things we need, the wife and I started budgeting together.
I earn more than double her salary but we add everything as a pool and budget according to our total income.

Her sister and hubby have their own separate debt and are constantly fighting over money.
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Your way is the only way that works. You either commit fully to marriage, or you don't. And when you don't, somewhere things start going pear-shaped.
 
Speedster said:
I think that is sort of what I meant. I'm not talking about the legal protection, tax planning stuff etc but the idea that as a married couple you have your money and I have mine.
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Thing is people can be stupid and rack up debt in a marriage, op being an example of where the hubby is not aware. That brings the whole family down as a unit. ANC allows debt to be separate ( even if not intended by the parties ). Another big factor is that if one of you passes, the accounts could be locked or frozen but with ANC, the passing of one cannot impact the others accounts. We did purely for the mentioned financial reasons, between us, no such separation actually exists.

*edit* Op, my wife also hid her debt from me originally early in the marriage, it puts an unneeded strain. Be honest with each other, your husband will hopefully support you and you sort it out together. Finances are right up there with number 1 reasons for divorce. Married over 15 years fyi so we all good :p
 
Kosmik said:
COP, her debt is his.
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Okay, but when banks do credit checks, are they able to see what debts the SO has and include that in the decision making. If not, then ppl are able to 'hide' debts if it is in the SO's name and thus able to get even more credit. Also, kinda related, would his credit report reflect his SO's debts (and in this way she cannot hide it from him).
 
Speedster said:
This remains a foreign concept for me. Once you get married there shouldn't be any more mine / their lines, everything is shared, including finances.
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There should be a very clear, in contract, his, hers and ours.

We are married with an ANC - whats mine is mine and what's her's is hers. We then decided on what is ours at the time of purchase, and it is done as a legal entity.
 
xrapidx said:
There should be a very clear, in contract, his, hers and ours.

We are married with an ANC - whats mine is mine and what's her's is hers. We then decided on what is ours at the time of purchase, and it is done as a legal entity.
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That's a crap way to live a marriage. If you're setting it up that we for tax structuring, risk mitigation etc that is one thing but in terms of practical day to day living I can't imagine being in a marriage that works that way.
 
As others here have said, the sooner you tell your husband the better.

If you’re already missing payments then one of your creditors may even try to recover the debt from your husband. (Probably the worst way for him to find out).

You can only work through this together to clear your personal debt and restore a decent credit rating by being completely up-front and honest with him.
Good luck. Hope it all works out for you both.

Article might be useful : -

MY PARTNER TOOK OUT THE DEBT SO WHY AM I BLACKLISTED? – NFOSA

www.creditombud.org.za www.creditombud.org.za
When applying for credit while married in community of property, particularly when it comes to home loans, parties are jointly and severally liable for the debt. This means that two or more persons are fully responsible equally for the debt. It also means that a creditor may pursue a debt obligation against any one of the parties as if they were jointly liable and it becomes the responsibility of the debtors to sort out their respective proportions of liability and payment. In other words, the debtor may collect the entire debt from any one of the parties, or from all the parties in various amounts until the debt is paid in full. If any of the parties do not have enough money or assets to pay an equal share of the debt, the other parties must make up the difference.
 
Shi said:
Okay, but when banks do credit checks, are they able to see what debts the SO has and include that in the decision making. If not, then ppl are able to 'hide' debts if it is in the SO's name and thus able to get even more credit. Also, kinda related, would his credit report reflect his SO's debts (and in this way she cannot hide it from him).
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Failure to do due diligence would be bad on the banks part, I know they asked for a copy of our marriage certificate.
 
Kosmik said:
Failure to do due diligence would be bad on the banks part, I know they asked for a copy of our marriage certificate.
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Although marriage certificate doesn't say anything about presence or nature of an ANC
 
Speedster said:
That's a crap way to live a marriage. If you're setting it up that we for tax structuring, risk mitigation etc that is one thing but in terms of practical day to day living I can't imagine being in a marriage that works that way.
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Day to day living items are not big ticket items you're going to fight over if **** goes south.
 
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