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Hi,
The house has just sold, and monies are being split 50/50, we have a young child and we've also agreed shared custody (50/50).
We're in the process of the divorce, and I just want to check what the rules are on a joint unsecured loan (approx 15k). I've always paid this out if my wage, but the amount was spent towards a car payment and house improvements.
My question is, what happens with the unsecured loan during the divorce? Does the loan have to be paid off in full so we have a clean break? If so, I assume we are both liable to pay as it's a joint unsecured loan?
If the loan can remain in both names after the divorce, what happens with the monthly payments?
The house has just sold, and monies are being split 50/50, we have a young child and we've also agreed shared custody (50/50).
We're in the process of the divorce, and I just want to check what the rules are on a joint unsecured loan (approx 15k). I've always paid this out if my wage, but the amount was spent towards a car payment and house improvements.
My question is, what happens with the unsecured loan during the divorce? Does the loan have to be paid off in full so we have a clean break? If so, I assume we are both liable to pay as it's a joint unsecured loan?
If the loan can remain in both names after the divorce, what happens with the monthly payments?
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