Legal Question in Family Law in Missouri

This is a question that comes up often with my clients. Even though there are several ways debts can be handled in a divorce, and there are several ways a lawyer can draft the documents to best protect your interests, this is really less of a legal question and more of a question about your creditor.

In some instances the creditor will allow your husband to assume the loan, in which case you both would sign paperwork to release you from the obligation and to make him solely responsible. But this assumes that the creditor feels your husband's credit is good enough to qualify for this loan on his own and it also assumes that the creditor offers this option, which seems to be more rare these days. Your husband could refinance it, but since you said his credit was not good it doesn't sound like he can refinance the vehicle by himself. Maybe he can get another co-signer? If options one and two are not feasible, really the only other way is to sell the car and satisfy the debt with the proceeds of the sale. He could also try trading in the car and getting another car in his name only, but with poor credit this is not usually possible. An attorney can also draft your divorce decree to state that he will be responsible and hold you harmless for this debt, but this will not get your name off the loan and it will not prevent a creditor from coming after you if he defaults. If drafted properly, it would only give you a right to go after him if the creditor comes after you. This I hardly ever advise. The best way is to sever the marital ties completely and get your name off the debt, even if the vehicle has to be sold. It is the best way to protect you.

Many times situations like this can haunt you for years to come if you don't take care of them properly now. I've seen it happen to countless people. Call me if you would like to discuss.