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AttyHeather, Lawyer
Category: Legal
Satisfied Customers: 677
Experience:  15 years law practice experience
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I have been married since November 26, 2011. Both my husband

Customer Question

Hello. I have been married since November 26, 2011. Both my husband and I have had a previous marriage. The following are concerning to me and I am at the point of a legal separation. My husband has a small business that has treated us well, however, in the economic downturn, prior to our marriage he incurred some debt. He did share those facts with me. He has been paying a business loan back to his ex-wife in the sum of approximately $60,000.00. In 2002, he and his ex-wife purchased a motorcoach $228,845.00 which was awarded to my husband in their divorce settlement. Again, during the economic downtown he gave it back to his ex-wife and she reluctantly has been paying a $1640.00 per month since I believe 2008 - still owes $112,116.00. My husband did share this with me, however he did not share that his name was still on the loan as joint. He stated that it was deeded back to her, therefore, she owns it and carries the outstanding loan amount as well. I just found out that it is still a joint loan between my husband and his ex-wife. I am extremely concerned and upset about this. Should she fail to continue payment for whatever reason - if believe that the loan would fall back on him and in turn on me. At 62 years of age, I don't want to risk assuming that kind of debt. Also because of his past, his credit has some serious hits on it though his score is fair. I found out about the joint loan when we were applying for a personal loan. Should I be concerned. He states that I am overreacting. Personally, I am devastated. I would appreciate advise regarding tis situation.
Submitted: 1 year ago.
Category: Legal
Expert:  AttyHeather replied 1 year ago.

Hi, I'm Heather, an attorney with 15 years experience and I can assist for informational purposes.

When your husband obtained that loan, he probably obtained it jointly with his ex wife. When they divorced, regardless of who was responsible to pay the loan, that didn't change the terms of the contract with the creditor, who would still be able to hold both of them responsible for the loan, unless one of them refinanced to take the other off the loan, which has not happened.

You never signed the contract with the creditor - therefore, the creditor has no basis to go after you for this debt.