name removed from timeshares
Date: Mon, 10/20/2008 - 13:24
In my divorce I agreed to let my husband have the 2 timeshares and I would pay off the debt we had accumulated. I am trying to remove my name from the deeds but have been unsuccessful in doing so. Both are paid off...but he has not kept up the yearly tax&fee payments. If I do nothing and have it stated in my divorce and on public record that I am not responsible for his debt is that good enough to keep this off my credit history?
If the debts are joint with your husband then the onus of paying
If the debts are joint with your husband then the onus of paying them off lies with both of you. So, if one fails to make payment on a joint debt then according to the law, you're responsible for paying off the debt.
A divorce decree cannot strike your name of your debt obligation because at the time of taking the loan you both signed in the credit application form to payoff the same. Your divorce decree may say that you'll be relived from paying off the joint debt but don't believe it. It can do nothing.
If the joint debt is not paid in time then it will affect credit
If the joint debt is not paid in time then it will affect credit score of both you and your husband.