Posts Tagged ‘money management’
Managing Money as a Couple
To determine who shall assume the debt in a married or not, it is necessary to distinguish the obligation debt of the contribution to the debt.
The obligation debt
We must determine what assets will be seized by creditors of one or other of the couple.
- Marriage
For spouses married under the statutory scheme (community property), the principle is that each spouse incurs a debt also commits its own assets, common property. The only limit on earnings and wages of the debtor’s spouse. They escape to the creditors of the latter, except for household debt, secured debts of both spouses even committed by one. And yet, for it is only for an amount equivalent to about one month’s salary of the spouse for the rest is regarded as savings and fell under the yoke of creditors.
However, for debts incurred by one spouse before marriage or during marriage by way of a loan or security for personal needs, the creditor can only take private property and the income of the debtor spouse but neither own or common property remaining. Where consent of the other spouse, the creditor may also take the entire community property, only private property is still spared.
- The PACS
PACS partners are jointly held together (each can be sued for the entire debt) debt incurred by one of them to the needs of everyday life and for expenditure on the common housing.
The treatment of assets acquired during the PACS is set to either the Pact by the act of purchase, or by applying the rules of ownership. Thus, the debt will be borne by one or the other spouse or both, but the extent of the amount invested by each.
- Cohabitation
Each partner supports its own assets and debts contracted personally and even everyday expenses incurred in the interest of the couple.
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