For richer, for poorer

Marriages nowadays aren't always for life, but your debts can be. Emma Simon reports

For richer, for poorer, for better, for worse: it may sound romantic but few couples discuss the financial implications of married life before walking up the aisle.

Money makes few of us go misty-eyed and debt is a real passion-killer. But if you don't discuss these issues in advance you may find you have not only gained a partner for life, but also a host of unwanted bills, overdrafts and credit card debts.

It is not only newly-weds who need to sit down and have a frank discussion about the financial facts of life. Anyone thinking of moving in with a partner should also consider how his or her pocket would be affected if the other falls into debt.

And don't assume that this will be nothing more than an unpleasant credit card bill. If debts spiral seriously out of control you could lose your savings, your business, even your own home.

But don't cancel the wedding cake just yet. There are some simple steps you can take to protect your finances from even the most proliferate, debt-ridden and financially inept spouse.

'There are a number of precautions that couples can take to help protect their finances,' says Mike Warbruton, a tax partner with Grant Thornton. 'These are particularly important if one partner is self-employed, runs their own business or already has a debt problem, because the chances of running into more credit problems is that much higher.'

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