Vishnu M’s Post

Am I responsible for my partner’s debt?’ It’s a question most people are unsure of. Here are the answers to some of our most frequently asked questions about debt in relationships. https://lnkd.in/dAqdcKSZ #marriage #finances #CRA #debt #financialgoals #mortgage #income #liability #stress #relationship #marriageproblems #divorce #creditors #wages #debtpayments #creditrating

"Get Married! and then buy a home" But wait isn't it the other way round? How will someone give his daughter to you if you don't own a house? Well it may be an issue for arrange marriage folks, but for all the love marriage male candidates should ideally get married first and then buy a house. Why? Because of these 4 benefits that happens when a man decides to have his wife as a co-owner of the house he is purchasing: 1. Stamp duty reduces by 1-3% instantly. 2. If it's a female, the bank may reduce home loan interest by up to 1%. 3. Income tax deduction up to 2 lakh under section 24B if there's a female co-owner. 4. Loan amount may also increase if there is a female co-owner. I see this as a win-win for any couple. For all the arrange marriage folks keep your mom as the co-owner. Thank me later! Follow Kalyan Kumar Biswal for more such fun finance #homeloans #loans #coownership #women

This is an all to common situation that many newlyweds find themselves in today. With mortgage rates at all-time highs, inflation, outpacing merit increases, and wedding expenses at record levels, it is difficult, if not impossible to stay ahead. Emily and I experienced some of these pressures when we are married in 2022. We learned that it is so important to tackle our financial situation in the same way as you tackle a business plan. Making the decision to combine finances through marriage can be the best decision anyone makes to improve their overall financial outlook. However, it has to be well thought out and tended to on a regular basis. #marriage #personalfinance #weddingday #inflation

No one likes to go into a #marriage thinking about it ending, but if your partner is bringing a lot of debt with them, it’s vital that you figure out if you’ll be responsible for it. By and large, debt they incurred before the rings went on is not yours to settle unless you become a joint owner of the account. In most states, you won’t be liable for debt taken on after marriage unless it benefited both parties (car loan, mortgage, etc.). If you live in a community property state, the rules will be different. The best thing to do is to be honest up front about financial situations, and take any legal steps necessary to protect yourself. It’s an uncomfortable topic, but it’s a very important one! Learn more: https://lnkd.in/eeevWV4v #AgFedCreditUnion #FinancialPlanning #MoneyTips #MoneyDig

No one likes to go into a #marriage thinking about it ending, but if your partner is bringing a lot of debt with them, it’s vital that you figure out if you’ll be responsible for it. By and large, debt they incurred before the rings went on is not yours to settle unless you become a joint owner of the account. In most states, you won’t be liable for debt taken on after marriage unless it benefited both parties (car loan, mortgage, etc.). If you live in a community property state, the rules will be different. Communication is key! The best thing to do is to be honest up front about financial situations, and take any legal steps necessary to protect yourself. It’s an uncomfortable topic, but it’s a very important one! #PeopleHelpingPeople #CreditUnions #CUDifference #Community #local #Hometown #myGreeley #weldcounty #NOCO

From my experience, I have been a part of all types of conversations. But one thing I couldn't stress more for newlyweds or people planning on getting married...discuss money before tying the knot. How will you manage the household income? Will one spouse be responsible for certain expenses and the other spouse responsible for the mortgage? Are you planning on funding your kids' education? How will you handle the student loans you are bringing into the relationship? How will you make decisions about money in the future? Are they careless with their money? Money problems can tear couples apart and create lots of resentment (I have seen this firsthand). What's the saying...happy wife happy life? Maybe I'll coin a new phrase..."household income and expenses managed properly and a set of rules you both agree to when making certain decisions...happy and long marriage for the both of you." #FinancialPlanning #Marriage

Can I get divorced once Im in debt? https://lnkd.in/gBx2HV9W <a href=""> - For those who’re eager about divorce or separation, there’ll probably be a complete vary of questions flying round in your head. For many individuals, cash worries are sometimes on the forefront of their minds. We hear loads about celebrities and A-list {couples} going via divorce and preventing over their wealth, giant property, and a number of homes. However what occurs when you owe cash and are in debt? For instance, what when you haven’t paid off your bank card and also you’re accruing curiosity? Or possibly a family member lent you a big sum that you simply haven’t managed to pay again but? Being in debt is a little bit of a social taboo. We don’t like to debate cash at the perfect of occasions, however debt is often utterly off the desk! This could imply we don’t perceive it, don’t know find out how to handle it, and we let the concern of debt grow to be overwhelming. That is exacerbated in case you are additionally worrying about getting divorced. Nonetheless, it doesn’t need to be utterly overwhelming. For most individuals, debt is solely part of life. You will get divorced if you end up in debt. Debt turns into a part of the monetary settlement that you simply and your companion must agree upon as a way to reduce your monetary ties. Ensuring you legally sever your monetary connection to at least one one other is essential and isn’t the identical as legally ending your marriage. If you don’t get a monetary settlement and it’s not made legally binding via a consent order, you permit your self open to dangers like your ex-spouse making claims in your cash sooner or later. Debt in divorce When a pair separates or will get divorced they usually have shared or particular person debt, this must be accounted for within the monetary settlement. Within the negotiations, it’s necessary to grasp who’s answerable for the debt, and whether or not it’s matrimonial (thought of collectively accrued) or particular person debt Typically, matrimonial debt is debt incurred when cash is used for one thing to learn the couple or the household. This might be buying a automotive, a home, house enhancements, household holidays and so on. It doesn’t matter who’s identify this debt was in, or whether or not it was joint. If the couple collectively benefitted from the top product, it’s often thought of that they’re each answerable for the debt. Particular person debt is when one celebration has constructed up money owed by spending cash for his or her sole enjoyment and function, like particular person holidays, playing, or costly hobbies. It may additionally be the case that one particular person brings debt into the wedding. On this case, they’re prone to stay answerable for the debt as it’s non-matrimonial. Equally, if one in every of you builds up money owed after separation, these could not kind a part of the...

#DivorceRecovery #DebtHelp #FinancialFreedom Hey there! 🌟 It sounds like you're navigating a pretty tough situation with your divorce and the stress of debt hanging over you. Let's break this down together! I see you have a mix of credit card debt and a camper loan, and it's totally understandable that emotions can play a big role in financial decisions, especially when love and happiness are involved. Here’s a quick rundown of what you shared: Your Debt: Credit Card 1: $7,189.45 Credit Card 2: $6,690.48 Personal Loan: $3,080.77 Camper Loan: $18,534.05 Assets: Cash on hand: $10,364.71 Equity in home: $131,425 First off, it's important to recognize that wanting to find happiness often leads us to make choices that aren’t always the best financially. It’s a journey, and you're certainly not alone. 💔 Here’s what you could consider: Pay Off Small Debts First: Using your cash to eliminate one credit card and the personal loan could give you a small win and some breathing room. ... How Can I Overcome Divorce Debt and Rebuild My Finances? Answers: https://lnkd.in/gc25VnDV

Smart Steps to Financial Harmony: Preparing for Marriage with Effective Financial Planning #marriage #financialplanning #lagnavaarta #matrimonial https://lnkd.in/evGZe3XP

💔 Navigating Mortgage Implications During Divorce or Separation 🏠🔍 Divorce or separation is challenging, and it also impacts your mortgage. Here’s how: 🔹 Joint Mortgage Considerations:  • Both parties remain responsible for the mortgage unless changes are made.  • Missed payments can affect both parties’ credit scores. 🔹 Options to Consider:  1. Selling the Property: Proceeds can be used to clear the mortgage, with any surplus divided.  2. One Party Takes Over: Refinancing to have one party take over the mortgage and property.  3. Maintaining Joint Ownership: Both parties continue to pay the mortgage, possibly until a certain point (like children reaching adulthood). 🔹 Key Challenges:  • Affordability: One party may struggle to qualify for a mortgage on their own.  • Equity Division: Determining how much each party gets from the property. 🔹 Legal and Financial Advice:  • Legal advice is crucial to navigate ownership and responsibility changes.  • Financial advice is key to understanding the impact on your mortgage and credit. 👉 Emotional and Financial Implications:  • It’s a time of emotional stress; careful planning can help ease the financial aspect. 👩💼 Seek Professional Support:  • Mortgage advisors and solicitors can provide essential guidance during this transition. Remember, you’re not alone in this journey. Professional guidance can provide a path forward. 💬🌈 #DivorceAndMortgages #FinancialPlanning #PropertySettlement #UKHousingAdvice Your home may be repossessed if you don't keep up repayments on your mortgage. Mondo Mortgages is a trading style of Fort Advice Bureau which is regulated and authorised by the FCA to conduct Mortgage and Protection business, FRN: 972730