Responsibility for Liabilities

Current and future liabilities

The payoff and closing of joint liabilities after the finalization of divorce is not always a straightforward process. There may be unexpected changes in the balances of liability accounts, undiscovered charges, or difficulties encountered when paying off accounts.

Mediation is effective in assisting you to reach agreements regarding:

  • Payoff of joint credit cards or responsibility for such
  • Determination of responsibility for loans acquired during the marriage, such as
    • Car loans
    • Bank loans
    • Educational loans
    • Informal personal loans (such as from family members)
    • Promissory notes
    • Equity lines of credit
  • Responsibility for balances accrued in an equity line of credit on jointly owned property
  • Consequences of a loan default or bankruptcy of one or both spouses
  • Responsibility for individual liabilities