Who is Responsible for Debts When a Couple are Separated?
Full Question:
Are property and debts acquired during a legal seperation only the responsiblity of the spouse entering into the agreement or the responsiblity of both spouses?
11/28/2010 |
Category: Debts and Credit |
State: Maryland |
#23718
Answer:
The answer will depend on the nature of the debt and who is named as an account holder or user on the account. A separation agreement is made voluntarily between spouses when they are in agreement on the issues, such as child support and custody, property division, etc. The agreement is in the nature of a contract and needs the agreement of both parties to be changed. In the case where one spouse agrees to pay a debt of another spouse, it is an agreement that the creditor is not a party to. The creditor can still try to go after any party based on the contract with the creditor and if that happens how the spouse can take the other back to divorce court for failure to comply with the terms of the separation agreement.
