If you’ve signed any papers or your name is on any documentation, then you could be liable to pay for debts that your ex-spouse owes.
Debt and Divorce
What happens to our joint debts when we divorce?
Many divorcing individuals believe that if they can get their joint debts assigned to their spouse in the divorce decree, they no longer have to worry about them. That’s not the case!
If my ex declares bankruptcy, am I liable for his debts?
Find out if you could be in danger of being held liable for your spouse’s debts and your ex declaring bankruptcy. Click to read more about this very interesting topic.
If your ex fails to pay debts, can creditors come after you?
Almost all debts accrued during your marriage are community-property debts, and this means that your spouse refusing to pay one could result in a creditor at your door.
How should we deal with our marital debt? We owe more than we own in New Jersey.
If you earn more than your spouse you may be end up with paying off slightly more of the marital debt than they are.In New Jersey, the Equitable Distribution Criteria describe the factors that must be considered by a court, each party, and their attorneys.
If your ex-spouse fails to pay for his/her debts, can his/her creditors come after you?
Generally, if the debts were acquired jointly, even if the divorce decree requires him or her to pay them, the creditors are not bound by the decree.
How should we deal with our marital debt in New Jersey?
“How should we deal with our marital debt? We owe more than we own, and I don’t want to end up holding the bag because I earn more than my spouse.” Just because one party to a divorce earns more than the other doesn’t necessarily mean that that party will be held responsible for more […]
In Debt? Getting Your Finances Back on Track
Facing your financial difficulties is important. Exploring and understanding your financial options allows you to begin to take control of your finances and get your life back on track.
Interest Paid to Your Ex is Deductible
Though the division of property, assets, and debt is generally equal, sometimes one spouse will want to give up the assets in exchange for instalments of monetary compensation and interest on the payments.
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