Can a marriage settlement agreement state that one party is responsible for a debt solely in the other party’s name?
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Can a marriage settlement agreement state that one party is responsible for a debt solely in the other party’s name?
My husband and I have agreed to split our debt evenly. Our credit cards are all in collections. In order to split our debts evenly we have to take responsibility of some of the others debt.
Asked on March 24, 2012 under Bankruptcy Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. There is nothing under the laws of any state in this country prohibiting one party from being responsible for a debt in the name of the other party with respect to a marriage dissolution agreement. I have seen such terms and agreements many times. The key is that you need to make sure that there is a court order specifically approving the marital dissolution agreement that you have written about filed in the court clerk's office.
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