subject: Settling Debts out of a Marriage [print this page] One of the intrinsic qualities of marriage is the concept not only of conjugal properties, but also of conjugal debt. By law, it is required that when one of the spouses take on a debt or a loan, the other spouse is equally liable to pay it off. Whether it is a personal car loan, house loan, credit card bill, medical or utility bill, both spouses are considered as co-signors when taking out the loan or credit.
In situations when these loans are not paid off, the creditors have the right to run after the couple's (or ex-couple's) assets. These creditors can repossess your house, your car, or your other property in order to pay back the loan that was taken out during the marriage.
The equal responsibility for ex-spouses when it comes to paying off debts can be a source of stress and disagreement during divorce. This usually happens especially when the other spouse who takes out the loan does not want to pay. Though the creditors are protected and allowed, legally, to run after you and your ex-spouse for repayment, you, on the other hand, can seek help from the court to collect money from your ex-spouse. You should seek advice from your attorney on how to better protect yourself and your assets especially if you are trapped in this kind of a situation, or follow the steps and directions in the Fathers' Rights Protection System offered by Dennis Gac.
It is very important that you sort out loans and payment responsibilities with your ex-spouse. Having unpaid debt under your name not only reflects on your credit record, but it can also impede your chances in taking out another loan in the future.
