diff --git a/activerecord/lib/active_record/attribute.rb b/activerecord/lib/active_record/attribute.rb
index 9530f134d0..2f41e9e45b 100644
--- a/activerecord/lib/active_record/attribute.rb
+++ b/activerecord/lib/active_record/attribute.rb
@@ -152,7 +152,7 @@ module ActiveRecord
     end
 
     def _original_value_for_database
-      value_for_database
+      type.serialize(original_value)
     end
 
     class FromDatabase < Attribute # :nodoc:
@@ -180,7 +180,7 @@ module ActiveRecord
         value
       end
 
-      def changed_in_place_from?(old_value)
+      def changed_in_place?
         false
       end
     end
diff --git a/activerecord/lib/active_record/attribute_set.rb b/activerecord/lib/active_record/attribute_set.rb
index 720d5f8b7c..f868f23845 100644
--- a/activerecord/lib/active_record/attribute_set.rb
+++ b/activerecord/lib/active_record/attribute_set.rb
@@ -3,7 +3,7 @@ require 'active_record/attribute_set/yaml_encoder'
 
 module ActiveRecord
   class AttributeSet # :nodoc:
-    delegate :each_value, to: :attributes
+    delegate :each_value, :fetch, to: :attributes
 
     def initialize(attributes)
       @attributes = attributes
diff --git a/activerecord/lib/active_record/attribute_set/builder.rb b/activerecord/lib/active_record/attribute_set/builder.rb
index 24a255efc1..4ffd39d82d 100644
--- a/activerecord/lib/active_record/attribute_set/builder.rb
+++ b/activerecord/lib/active_record/attribute_set/builder.rb
@@ -3,11 +3,12 @@ require 'active_record/attribute'
 module ActiveRecord
   class AttributeSet # :nodoc:
     class Builder # :nodoc:
-      attr_reader :types, :always_initialized
+      attr_reader :types, :always_initialized, :default
 
-      def initialize(types, always_initialized = nil)
+      def initialize(types, always_initialized = nil, &default)
         @types = types
         @always_initialized = always_initialized
+        @default = default
       end
 
       def build_from_database(values = {}, additional_types = {})
@@ -15,21 +16,22 @@ module ActiveRecord
           values[always_initialized] = nil
         end
 
-        attributes = LazyAttributeHash.new(types, values, additional_types)
+        attributes = LazyAttributeHash.new(types, values, additional_types, &default)
         AttributeSet.new(attributes)
       end
     end
   end
 
   class LazyAttributeHash # :nodoc:
-    delegate :transform_values, :each_key, :each_value, to: :materialize
+    delegate :transform_values, :each_key, :each_value, :fetch, to: :materialize
 
-    def initialize(types, values, additional_types)
+    def initialize(types, values, additional_types, &default)
       @types = types
       @values = values
       @additional_types = additional_types
       @materialized = false
       @delegate_hash = {}
+      @default = default || proc {}
     end
 
     def key?(key)
@@ -76,9 +78,21 @@ module ActiveRecord
       end
     end
 
+    def marshal_dump
+      materialize
+    end
+
+    def marshal_load(delegate_hash)
+      @delegate_hash = delegate_hash
+      @types = {}
+      @values = {}
+      @additional_types = {}
+      @materialized = true
+    end
+
     protected
 
-    attr_reader :types, :values, :additional_types, :delegate_hash
+    attr_reader :types, :values, :additional_types, :delegate_hash, :default
 
     def materialize
       unless @materialized
@@ -101,7 +115,7 @@ module ActiveRecord
       if value_present
         delegate_hash[name] = Attribute.from_database(name, value, type)
       elsif types.key?(name)
-        delegate_hash[name] = Attribute.uninitialized(name, type)
+        delegate_hash[name] = default.call(name) || Attribute.uninitialized(name, type)
       end
     end
   end
diff --git a/activerecord/lib/active_record/attributes.rb b/activerecord/lib/active_record/attributes.rb
index 3211b6eaeb..ed0302e763 100644
--- a/activerecord/lib/active_record/attributes.rb
+++ b/activerecord/lib/active_record/attributes.rb
@@ -253,7 +253,7 @@ module ActiveRecord
             name,
             value,
             type,
-            _default_attributes[name],
+            _default_attributes.fetch(name.to_s) { nil },
           )
         else
           default_attribute = Attribute.from_database(name, value, type)
diff --git a/activerecord/lib/active_record/model_schema.rb b/activerecord/lib/active_record/model_schema.rb
index 99facb4b25..41cebb0e34 100644
--- a/activerecord/lib/active_record/model_schema.rb
+++ b/activerecord/lib/active_record/model_schema.rb
@@ -249,7 +249,11 @@ module ActiveRecord
       end
 
       def attributes_builder # :nodoc:
-        @attributes_builder ||= AttributeSet::Builder.new(attribute_types, primary_key)
+        @attributes_builder ||= AttributeSet::Builder.new(attribute_types, primary_key) do |name|
+          unless columns_hash.key?(name)
+            _default_attributes[name].dup
+          end
+        end
       end
 
       def columns_hash # :nodoc:
diff --git a/activerecord/test/cases/attributes_test.rb b/activerecord/test/cases/attributes_test.rb
index 7bcaa53aa2..604411da97 100644
--- a/activerecord/test/cases/attributes_test.rb
+++ b/activerecord/test/cases/attributes_test.rb
@@ -205,5 +205,49 @@ module ActiveRecord
 
       assert_equal(:bar, child.new(foo: :bar).foo)
     end
+
+    test "attributes not backed by database columns are not dirty when unchanged" do
+      refute OverloadedType.new.non_existent_decimal_changed?
+    end
+
+    test "attributes not backed by database columns are always initialized" do
+      OverloadedType.create!
+      model = OverloadedType.first
+
+      assert_nil model.non_existent_decimal
+      model.non_existent_decimal = "123"
+      assert_equal 123, model.non_existent_decimal
+    end
+
+    test "attributes not backed by database columns return the default on models loaded from database" do
+      child = Class.new(OverloadedType) do
+        attribute :non_existent_decimal, :decimal, default: 123
+      end
+      child.create!
+      model = child.first
+
+      assert_equal 123, model.non_existent_decimal
+    end
+
+    test "attributes not backed by database columns properly interact with mutation and dirty" do
+      child = Class.new(ActiveRecord::Base) do
+        self.table_name = "topics"
+        attribute :foo, :string, default: "lol"
+      end
+      child.create!
+      model = child.first
+
+      assert_equal "lol", model.foo
+
+      model.foo << "asdf"
+      assert_equal "lolasdf", model.foo
+      assert model.foo_changed?
+
+      model.reload
+      assert_equal "lol", model.foo
+
+      model.foo = "lol"
+      refute model.changed?
+    end
   end
 end