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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Family Law
Satisfied Customers: 41220
Experience:  I provide family and divorce law advice to my clients in my firm.
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Dimitry thank you for your quick response. I have a follow

Customer Question

Dimitry thank you for your quick response. I have a follow up question. I cosigned a loan for my wife so she can get a vehicle to commute. The amount owe on this vehicle is $15,000 how is that handle in a divorce.

thank you again
Submitted: 6 years ago.
Category: Family Law
Expert:  Dimitry K., Esq. replied 6 years ago.
Thank you for your question and thank you very much for requesting me. I will do my best to assist you.

The loan is a different story. Since both of you signed it, the liability is deemed to be "joint and separate" against you both. In essence, either or both of you remain liable for the loan amount. If she stops paying, the lender can come after you and file against you for the remaining debt. The courts typically may end up splitting the debt (or hand it over to one of the parties), but the paperwork under the loan remains the same. What that means is that even if the courts, for example, may say that your spouse is the party responsible for the debt, if she defaults the lender can still come after you. That judgment only gives you the right to later sue the spouse for the debt amount if you end up paying it yourself to the lender.

Hope that makes sense and please feel free to ask any other follow-up questions you may have.

Edited by Dimitry Alexander Kaplun on 5/1/2010 at 7:32 AM EST

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