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Just a few questions


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#1 DazznSam

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Posted 29 April 2008 - 10:50 AM

I am posting this to find out some info for my soon to be mother in law.

Its a long story but she has decided to leave my soon to be father in law for a number of reasons. My fiance is trying to help her out at the moment, support, and getting her the information she requires.

What I need to know is...what happens to debt in a divorce?
They have a lot of joint accounts and she has helped him out of a lot of debt from before she met him. If loans and that are in joint names... what happens then? Do they keep paying the debt or does one person pay it? The debt may be in joint names but he is absolutely useless when it comes to managing finances so she gets stuck paying for all his stuff ups.

Any help would be much appreciated. She has gone through this long enough and has finally gained the courage to leave him.

Sorry if it hits any sensitive points, but we really do require your help.

Thanks

#2 MegLegs

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Posted 29 April 2008 - 12:18 PM

Unfortunately hun, if it is in joint names, then both are liable for the debt. Unless he refinances it into his name only, then both have to pay it and if the other doesn't, then the bad thing is that the other will have to pay it to make sure of no defaults.

Maybe in their divorce settlement they can come to some kind of arrangement? But at the end of the day, without refinancing that loan, there's not a great deal she can do sad.gif

I've been in the same boat - I've been divorced almost 12-months now and I have a joint loan with my ex-husband for his car. I didn't mind keeping it at the time, but now he's falling behind and I can't enforce anything on him legally unless I go through the courts process, which is something I may have to resort to soon sad.gif

Good Luck!
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#3 DazznSam

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Posted 29 April 2008 - 02:51 PM

Thanks for that.... its what I was afraid of.
All the debt is his but he never pays it so it falls to her. I will get her to talk to a solicitor about it as its the only way she is going to be able to keep her credit rating clean.
He wouldn't be able to get a loan on his own its that bad. Its not that he doesn't earn enough money as I am sure he does... he just cannot manage his finances. He has declared bankrupt once and has a habit of running away from his debt.

He hasn't done well this time though... every other time he gets out of things easy. This time he has lost his wife, and his son.




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