Answers about Joint Account Liability
The divorce decree made my former spouse responsible for the debt, but he isn't paying. Given this, the bank says it's my responsibility as a joint account holder to pay the debt. Is this correct?
Yes, if the account was a joint account. Joint credit account holders remain liable on the account until the debt is satisfied or some other manner of release occurs.
When married joint account holders get divorced, the following factors apply:
- The terms of a divorce decree do not affect the legal obligation of both parties to repay the debt.
- Although the creditor may agree to release one party, it is not legally required to do so.