financial implications of marriage ?

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donna28

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Post by donna28 » Sun Oct 26, 2008 8:38 am
If i was to get married, would my IVA have any financial implications for my partner?
It is my debt and my fiancial position would not change.
 
 

liberta

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Post by liberta » Sun Oct 26, 2008 8:52 am
Hi Donna.

First of all congratulations on your forthcoming marriage.

There should be no financial implications as far as your partner is concerned. However you should tell the Supervisor of your IVA about your change in circumstances.

If you are already living together then you are right, your financial circumstances will not change. However if you are not, then once you start to live together they probably will, in as much as there will be a new income and expenditure for your new shared home.

Though your new husband will not be expected to contribute to your IVA, the Supervisor will want to ensure that he is making a fair contribution to the household costs (e.g. half the rent or mortgage). If by sharing the costs of running a home your surplus income increases then your Supervisor will probably want you to increase the payments to your IVA.

Your Supervisor will also want to know of any change of address.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.

If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
 
 

MelanieGiles

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Post by MelanieGiles » Sun Oct 26, 2008 9:42 am
A lot of IPs actually work out the ratio of shared expenditure based upon the individual incomes, so do check with your own Supervisor as to how they would view this.

For instance if your partner earned twice as much as you, he would be expected to pay twice as much of the expenditure.
Regards, Melanie Giles, Insolvency Practitioner
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