AM I RESPONSIBLE FOR MY EX'S DEBT?

Answer: Legally married spouses are entitled to an equalization of net family property pursuant to the Family Law Act. This means that all of your assets and debts are valued when comparing them both on the date of marriage and the date of separation. The date of separation is the “valuation date” and this date freezes your property rights. If it is clear that you are legally separated then, generally speaking, any debts incurred by your spouse after this date are their responsibility. However, please note that this does not affect the legal rights of innocent third parties. Thus, for example, if you have a joint credit card with your spouse and the debt that you speak of is being accumulated on that joint credit card, you cannot avoid your personal obligations to that credit card company, as they are joint with your spouse. However, by way of negotiating the overall property resolution with your spouse you should then be able to seek a credit for these amounts. I can provide you with my exact comments, including what you should do at this stage, if you would call me at (877) 668-9386 for a free consultation. Once I have asked you certain questions, I can tell you exactly what would likely occur in your case and what you should do to immediately protect yourself.

(The information provided above is general, not legal advice, as circumstances vary from case to case. Thus, if you wish legal advice that you can rely upon for your specific case, please contact Douglas Briand for a free consultation).