What happens if your ex stops paying a joint debt?
Summary
When a couple divorces, debts they share do not automatically change. If one person stops paying on a joint debt, the lender can ask the other person for full payment, and both parties remain responsible until the debt is fully paid or resolved.Key Facts
- Divorce agreements state who should pay bills, but lenders are concerned with the original loan contract.
- Both people who signed a joint loan are legally responsible for the entire debt.
- If one ex stops paying, the lender can require the other ex to pay all the money owed.
- Missed payments on joint accounts can lower both people’s credit scores.
- Lower credit scores can make it harder to get loans, credit cards, or rent housing.
- Debt collectors may contact either person if payments are missed, regardless of who was supposed to pay after divorce.
- You might need to go back to court to enforce the divorce agreement or get paid back if you cover your ex’s share.
- Laws and options vary by state, so consulting a lawyer may be helpful.
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