Legal Question in Credit and Debt Law in Pennsylvania
divorce - split of joint credit owed
My husband and I were recently divorced. We owe approximately 25K in debt. Currently I am sending him $450 a month to pay this off. I want to split the debt so that I can ensure that what I pay is going toward this debt and that if he does not make his portion of the payment it will not affect my credit. Can I set up a contract stating what we each owe, have us both sign it and get it notarized? I have talked to several people that said this is not possible but now that we are divorced I want to ensure that his failure to pay debt will not affect my long term credit rating.
2 Answers from Attorneys
Re: divorce - split of joint credit owed
I strongly suggest you obtain the advice of legal counsel. You have faith that your former husband will honor a comittment to pay. You should at the very least have an agreement or pay the credit debt directly or negotiate with the creditor to see if you can be responsible for you one half interest in the debt. You are asking for trouble to proceed in good faith. Gerald Hershenson 215-579-9390
Re: divorce - split of joint credit owed
You can agree between you what each ex-spouse owes, but it is not binding on the credit card companies. You can still be held liable for the entire debt of $25K+ if he does not pay. If possible, you should get this agreement confirmed by Court Order, so he can be facing Contempt of Court if he does not pay his share. Even better would be for each of you to get seperate loans to payoff the total joint debt and create two new individual accounts, but be sure that his share is paid at the same time yours is paid. If you pay your share of a joint account and he doesn't pay, you are still liable for the balance. Please contact me with any questions. Good luck.
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