separating debts

[Stormy]

Hi,

My husband and I have about $45,000 in debt. He makes about $55,000/yr and I make $35,000/year. We don't really have much equity in our house so how would they split up these debts? Once they did, would I only be responsible for my portion and he for his?

Thanks,

S

[logicalvelocity]

Stormy,

It is to my understanding that the debts or liabilities are shared equally between the parties, much the same way assests are shared equally between the parties.

[Stormy]

debts

Yes, I know, do they take in to account that one person makes less money than the other? Also say they split the debt, if he does not pay his portion, do they come after me?

[homer]

Its definitely equal if you are married, no matter what the income is or who made the most repayments.

If he doesnt pay his portion of the debt once you split, they wont come after you, they will come after him as that part of the debt is now in his name only.

[hubby]

Car Debt?

So technically, if one spouse goes and buys a car and racks up debt while still married, the other is responsible for that debt as well. Would both parties names not have to be on the asset in question to be responsible? IE -One spouse buys car in their name only?


Hubby

[Grace]

Yes, you are both responsible for the debts incurred while married. I believe regardless of who incurred the debt. Someone correct me if I'm wrong.

Sounds from your earlier threads that you are already separated, but still living under the same roof. So if she bought the car after separation date then you are not responsible.

[hubby]

Seperation Date ...

Well, one can argue that they were seperated on so and so a date, however, with no documentation to support that ... what then? IE - No seperation agreement or no contract at all?

Hubby