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How can I get the 2 joint debts resolved?

Posted in Divorce, Location, Ontario, Orillia by Questions on July 3, 2014

We have a matrimony agreement stating whats his is his and what hers is hers. No support, no going after each other. But we have 2 joint debts. On a line of credit which a large sum of money was withdrawn from after separation, and we have a boat pkg. loan. Boat has been in spouse possession from day one i have no interest in it all i want is my name removed from loan.
I want a divorce since its been 2+ years. How do i proceed? How can i get the 2 joint debts resolved? Can i put it in the divorce application?

1 Expert Comment

  1. On July 3, 2014 at 9:41 am
    A Family Lawyer said:

    Typically, assets and debts are addressed at the same time. There is no jurisdiction in family law to reassign liability for debts. On settlement, it is strongly advised to remove your name from the debt or assume the debt upon receipt of money payment from the other party, but in any event severe the financial responsibility for the debts. This was not done in this situation. You should have made great effort to ensure that all aspects of your financial affairs were unwound. To remove your name, you need to ensure that the other party may qualify to take over the debt on his own and also determine an amount to be paid in satisfaction of him doing so concurrently if he were to take over the debt and your name removed. You may include the terms relating to the settlement into a divorce order, although that is not necessary.

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