i took out a loan for my husband 20k because he does not work and it was for his mothers private hospital care. as the loan is all in my name would i still have to continue paying it fully or would he pay half when we are divorced?
2006-09-28 02:39:56 · 21 answers · asked by RACH 1 in Family & Relationships ➔ Marriage & Divorce
You would have to pay. That's probably why all my wife makes me take out all the loans & credit cards we have [edgeing her bets]
2006-09-28 02:47:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I think it depends on how the state you live in views debt or what you're able to negotiate with your settlement. I would think that, if you have documentation to support that the debt was created to take care of HIS obligation you may be able to have him pay half or the whole amount upon your divorce. The problem I see is that the loan is in YOUR name and under YOUR credit. If you have a home or other property that's being sold as part of the settlement, I'd have a stipulation that loan be paid from his proceeds. If he wasn't working when the loan was taken out it will be difficult for him to get another loan to pay it off.
Check out what your state's family laws say about community property and debt incurred while married.
FYI, when my husband and his ex-wife divorced, she was granted all of one home and half interest in another they owned. Both names were on the mortgage for the first home. She refused to refinance the property on her own; the property went into default and was eventually foreclosed on. It became a hassle for my husband and I when we bought our home because the foreclosure reflected on his credit. We had to provide our lender with a copy of the divorce decree and the mortgage history to create a time-line. I mention this because if you and your husband have any joint obligations make sure they're addressed where they're paid in full or completely out of your name.
2006-09-28 09:54:08 · answer #2 · answered by Le_Roche 6 · 1⤊ 0⤋
You would it is in your name....
2006-09-28 09:42:27 · answer #3 · answered by Clints_wench 4 · 0⤊ 0⤋
You would be responsible for it as far as the bank is concerned. You can, however, ask for it in civil court, like the divorce settlement or if you aren't going to court for the divorce, you can file suit against him for half, or even the full amount. Talk to a lawyer about what your options are, and how to best get him to pay you back the money since it was for his mother's expenses.
2006-09-28 09:44:55 · answer #4 · answered by welches_grape_jelly 6 · 0⤊ 0⤋
You took out the loan so unfortunately you are responsible for the whole lot i'm afraid unless you have a legally binding agreement signed by him stating he will pay half.
2006-09-28 09:42:48 · answer #5 · answered by heleneaustin 4 · 1⤊ 0⤋
You took out the loan so I would say you alone are responsible for all repayments. What you used the loan for makes no difference to the bank.
2006-09-28 09:43:43 · answer #6 · answered by mistickle17 5 · 0⤊ 0⤋
Unless you get it in writing in the divorce decree (divorce papers), you will have to pay off the loan. Remember though, even if you get it in writing that he must pay half, if he defaults and doesn't pay, then it is your credit report which will show the default and non payment as it is all in your name!
2006-09-28 09:44:23 · answer #7 · answered by bplessard 1 · 1⤊ 0⤋
When you see a lawyer, make sure that it is included in the settlement. If you are married community of property, he has to pay half. I would push for him to pay the full amount. Dont be soft, and get your lawyer to push for it. It depends on what will be agreed upon by both of you when visiting a lawyer. Its a lot of money to just accept responsibility for. Fight for your rights.
2006-09-28 09:44:04 · answer #8 · answered by Vonnie S 4 · 1⤊ 0⤋
Has anybody answered this question who knows the legal position at point of divorce?
If so it's not apparent from the answers !!
Please answer the questioner with all the information she needs to get a result not just partial information.
You could save her £20K wouldn't you want that for yourself !
2006-10-01 08:37:24 · answer #9 · answered by lifeontrack2006 4 · 0⤊ 0⤋
as its in your name only the loan company can only chase you for it.My ex took out a 32k loan and i thank lord the day i didnt sign for it because he'll be paying for it the rest of his life.
2006-09-28 10:02:44 · answer #10 · answered by candyfloss 5 · 0⤊ 0⤋