Am I Responsible For My Spouses Debt If I Get Divorced?

If your name is on a loan as a borrower or co-signer you’re responsible for the debt. Even if you’ve divorced and your former spouse agreed to handle the debt, your credit is on the line. This also is true even if the debt is supposed to be your spouses responsibility under the divorce decree.

Lenders made an agreement with both of you jointly, and unfortunately that agreement is not affected by anything in your divorce agreement.

The best way to manage debt in divorce is to get rid of any joint loans. Put debt in the name of the person responsible for paying it. If your former spouse is supposed to pay the auto loans, those loans should be in that person’s name only.

 

Want more information….here is a good website that can help.  And of course, always check with your legal counsel for detailed information about your situation.

 

Get educated and be sure to make informed decisions.

 

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 1­877­276­1974. Copyright 2017. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AZ: Arizona Mortgage Banker License No. BK0013635; CA: Licensed by The Department of Business Oversight under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; WA: Washington Consumer Loan Company License No. CL­145368. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Karen Jones is a licensed loan originator at AmeriFirst Financial.,Inc. Karen Jones complies with all regulations and rules of all government agencies and regulators including the Real Estate Settlement and Procedures Act. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.

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