If the court awards you the family car in the divorce settlement, it may give you the car loan, too. If you and your spouse are both on the loan, the court may require you to remove your spouse’s liability for repayment of the loan. This usually involves working with your bank to refinance the loan or pay it off.
Thus, a joint car loan continues to be joint in the eyes of your creditor, even if your former spouse is the party ordered by the court to maintain responsibility for the loan. You do have remedies to protect your credit, which you may be able to incorporate into a divorce decree. Each jurisdiction has different requirements for enforcing the.
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Help with joint auto loan? : Divorce – Have the divorce decree say that within x days of the final divorce the car must be sold and the funds used to pay off the loan. If additional funds are needed to pay off the loan you are equally responsible. You can even put some joint funds in a special account to be used for this then split any excess when it is done. If you had an attorney.
What Can I Do if I’m Getting Divorced & Co-Signed on My Ex’s Truck? By Beverly Bird. It’s usually easier to end your marriage than to get out of a joint loan obligation with your spouse. If you co-sign for a vehicle with your ex, the lender has no legal obligation to let you off the hook for the loan simply because you’re divorcing. Your repayment agreement is a legally binding contract.
Getting your name off a joint account usually takes a bit of effort and the cooperation of the joint account holder. It is seldom possible to take your name off an account simply by requesting it. The easiest accounts to be removed are those such as credit cards where one person is simply listed as an authorized user..
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