Yes, you can absolutely get married while you are on an Individual Voluntary Arrangement (IVA). An IVA is a personal agreement designed to deal with an individual's debts, meaning it affects only the person who enters into it.
Understanding Your IVA and Marriage
Entering into an IVA is a significant step towards managing your financial difficulties, and it doesn't restrict your personal life choices, such as getting married. Here's what you need to know:
- Individual Responsibility: Your IVA is a personal arrangement. This means that even if you marry or live with a partner, your spouse or partner is not required to make contributions to your IVA. You remain solely responsible for making your agreed-upon monthly payments.
- No Debt Transfer: Your IVA debt belongs to you alone. Your new spouse will not inherit your debt or become liable for your IVA payments by virtue of marriage.
- Impact on Household Income: While your spouse isn't responsible for your IVA, their income and household contributions might be considered by your IVA supervisor if your financial circumstances significantly change. This is typically to ensure your payments remain affordable and fair based on your disposable income within the household. Any adjustments would still be based on your ability to pay.
- Financial Review: It's a good practice to inform your IVA supervisor about changes in your living situation, such as getting married. They may want to review your budget to ensure your payments are still sustainable or to see if your household's disposable income has changed significantly enough to warrant a re-evaluation of your contributions. This is often to your benefit, as it ensures your IVA remains viable.
Practical Considerations When Marrying on an IVA
When you plan to marry while on an IVA, consider the following practical aspects:
- Open Communication: Have an open discussion with your future spouse about your IVA. Transparency about your financial situation is crucial for a healthy marriage.
- Joint Accounts: If you plan to open joint bank accounts, be mindful that your IVA supervisor will still primarily focus on your personal income and expenditure when assessing your affordability. Ensure you have clear arrangements for managing shared household expenses while keeping your IVA payments separate.
- Budgeting: Marriage often involves combining finances to some extent. You'll need to work together to create a household budget that accommodates your IVA payments without placing undue burden on your partner.
- Professional Advice: If you're unsure how your specific circumstances might be affected, it's always wise to speak with your IVA supervisor or a qualified debt advisor. They can provide tailored advice based on your individual IVA terms and your new financial situation.
In summary, getting married while on an IVA is entirely permissible. The IVA remains your individual responsibility, and your partner is not obligated to contribute to it.
