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Divorcing a loan

From HLN's Money Expert Clark Howard

My husband has filed divorce after 16 years of marriage, and my name is on a loan that he has taken full responsibility for through the legal separation agreement. After the divorce is final, how do I have this loan removed from my credit? He is not paying his bills.

Sherry, before the divorce is final, let me tell you the story. Just because a divorce decree says that a bill is the responsibility of one or the other of you, doesn't mean anything outside of that divorce decree.

Here's why: your loan agreement that you have was by somebody else, a bank or whoever, to the two of you. They're not going to let one of you off the hook, because then they have one less party to go after.

If your husband is never going to pay this bill, you're better off - as part of the divorce action - taking responsibility for it so you know it will get paid. And then try to get something else from your husband in place of it.

The truth is, that decree does not protect you if he does not pay.

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