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Absolutely. Because creditors are not parties to your divorce, they are not subject to any divorce court rulings. Even in cases where your spouse has agreed to assume responsibility for a particular debt by signing a court order, the creditor can still hold you legally responsible for the outstanding debt.
When it comes to debt and divorce, one of the most common misconceptions is that removing one spouse’s name from a shared debt (for instance, a car loan) relieves them from their individual obligation. The fact is that neither spouse has the power to remove their name from a debt; only the creditor can do that.
Unfortunately, chances are slim that a creditor would be willing to relieve someone of a financial obligation because of divorce. Even if your spouse agreed to remove your name, you should expect your legal obligation to continue until the debt is paid in full.
If you are considering divorce and have questions about your finances, it is important to discuss your legal rights and options with an experienced divorce attorney. For more information about divorce resources or to locate an experienced divorce attorney near you, please contact us today.