Does everyone own half of their fortune after the wedding? Who gets what in a divorce? And am I liable for my partner’s debts? The experts from “Finanztest” explain the most common mistakes in marriage.
Wedding ceremony, waltz, party: the wedding is a celebration of great emotions. But there are also the less romantic aspects of the marriage covenant. After all, in addition to a ring on your finger, marriage also has numerous legal and financial consequences.
Many people just remember that married people can often save taxes. When it comes to other fundamental money questions, however, there is often ignorance or misbelief. The experts of the magazine “Finanztest” clear up the most common mistakes in the current issue. Which of these points would you have known?
Misconception 1: After the marriage, everything belongs to both partners together
That is by no means the case. “A marriage does not change the financial circumstances of the partners”, writes “Finanztest”. Everything a partner brings into the marriage continues to be theirs. And that applies not only to the record collection, but also to the car or the property in which they both now live together. And even if a partner purchases something during the marriage, it belongs to him first – unless a “community of property” has been expressly agreed in front of a notary, then everything acquired during the marriage belongs to both of them.
In the event of a divorce, the value of all assets and savings acquired during the marriage is usually determined and divided equally between the two. This so-called “gain equalization” ensures that the partner who has gained less wealth in the marriage (because he perhaps worked less and raised more children) is not financially disadvantaged during this time. Everything that was there before the marriage is not included.
Misconception 2: One partner is also liable for the debts of the other
This does not automatically apply to the debts that are brought into the marriage, nor to the debts that a partner accumulates during the marriage. Only if the spouses take out a loan together, for example to buy a property, is everyone liable for the entire loan. Incidentally, debts that are brought into the marriage are taken into account in the calculation of the profit equalization in the event of a divorce.
Misconception 3: Having separate accounts means segregation of property
No, it doesn’t matter whether you have a joint account or separate accounts. Couples who want to separate property must specify this in a notarized marriage contract. This establishes that the assets are completely segregated. In the event of a divorce, the usual profit sharing would not take place.
Misconception 4: If I want to sell something, my partner has to agree
Since each spouse has their own assets even with a joint household and joint accounts (see error 1), everyone can sell what belongs to them without authorization. Exceptions: According to the German Civil Code, you can only sell your “assets as a whole”, i.e. almost everything, if your partner agrees. You also need the consent of the other person for the sale of household items such as televisions or washing machines.
Misconception 5: When my partner dies, I inherit everything
This only applies in exceptional cases. If there is no will, the joint children are always entitled to inheritance in addition to the partner. If they have died, the legal succession favors grandchildren and possibly even great-grandchildren. In the case of childless parents, siblings and their children can come into play as heirs. If you want your partner to get everything in the event of death, you have to make him the sole heir in your will. And even then, the law provides for compulsory portions for the closest relatives.
You can find more financial tips for married couples at
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
