carolinalady105
recently joined
Reged: 03/21/12
Posts: 1
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My husband has opened several credit card account in his name only. I am seeking a divorce and want to know if I am liable for the credit card debt. Also, he purchased a boat a few weeks prior to our marriage 5 years ago. The boat and loan are in his name. Am I liable for that loan?
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akrkck
newbie
Reged: 03/22/12
Posts: 49
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I don't know what state you're from, so I can't answer for certain, but in NJ, both parties are equally responsible for any debt accrued during the marriage even if the other person had no knowledge of it, except in the case of "gross misconduct" in which case you'd have to file for "financial infidelity" which is very dificult to prove and defend.
Anything owned by an individual prior to the marriage remains the individual's property, so the boat would remain his, but you assumed all of his debt after you were married. So as sucky as it is, he keeps the boat, but you are responsible for half of the remainder of the loan.
My ex-wife had a couple dozen credit cards that I never knew about. Even had the bills sent to a friend's house so I wouldn't find out. I would have been liable for half of them, but she never showed up to court and I got a default judgement. I was VERY lucky.
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Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2019
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[quote]My husband has opened several credit card account in his name only. I am seeking a divorce and want to know if I am liable for the credit card debt. Also, he purchased a boat a few weeks prior to our marriage 5 years ago. The boat and loan are in his name. Am I liable for that loan? [/quote]
Any assets and debt incurred during the marriage is joint regardless of whose name it is in.
Now to address the boat bought before the marriage. While he would get the boat, any increase in equity during the marriage (FMV minus the loan) may be subject to being split. The loan is going to follow who gets the boat.
Assets AND debt acquired before the marriage remain the responsibility of the person who took out the loan.
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Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2019
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[quote]Anything owned by an individual prior to the marriage remains the individual's property, so the boat would remain his, but you assumed all of his debt after you were married. So as sucky as it is, he keeps the boat, but you are responsible for half of the remainder of the loan. [/quote]
That is not true. She is only responsible for debt acquired AFTER the marriage. Any debt that he acquired BEFORE the marriage is 100% his responsibility.
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