After a divorce is final, am I still responsible for her debt if I’m a co-signer?
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After a divorce is final, am I still responsible for her debt if I’m a co-signer?
I am the co-signer for my ex-wife’s vehicle. I would like to take my name off that account due to the fact that its lowering my credit score by adding more debt. I was told that once a divorce is final all i had to do is call the dealership to get my name off the account, is this true?
Asked on August 14, 2012 under Family Law, California
Answers:
Cameron Norris, Esq. / Law Office of Gary W. Norris
Answered 11 years ago | Contributor
No, not really. Have you already finalized the divorce? Did you have a lawyer?
Usually as a part of the marital settlement agreement, the party not keeping the vehicle demands that the other party refinance the car into their name alone. If you didn't make that a part of the settlement agreement, then you are still liable as a co-signer in spite of being divorced.
You can ask your ex to refinance. You could also call the finance company and ask the finance company to do a "voluntary repo" but that will hurt your credit almost as much as continual late payments.
If you have a lawyer call them and ask them why they didn't address this. If you didn't have one, next time you face a legal matter remember lawyers can be helpful!
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