Debt and Divorce
But, divorce and financial expert Donna M. Cheswick reminds us of another important money matter – debt. Here's what Donna has to say:
Complications with Joint Debt After Divorce:
Unfortunately the company that issued the original loan could care less what has been agreed to in court. They see the loan as a legal obligation of both parties and will enforce the debt obligation from either owner on the account regardless of marital status.
So if your ex fails to make monthly payments, or worse yet, files for bankruptcy your creditors can, and will, go after you for the full amount of the debt including interest and penalties.
Thanks to Donna for that advice!
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