Jointly owned home/vehicle

[jaydee0920]

What is the name of your state (only U.S. law)? Indiana

On the Decree Of Dissolution of Marriage, section 11 says,
"Petitioner will be solely responsible for the following debts and shall hold Respondent harmless from liability, expense, attorney's fees, and loss which may be incurred by Respondent arising out of petitioner's failure to pay such debts."

She is the Petitioner, I'm the Respondent. Listed are our house and our car, both jointly owned. She wants both, which I am fine with.

I have had people tell me I will still be responsible for the mortgage, any late payments she makes will damage my credit, etc... Is this true? It sounds like it wouldn't effect me, regardless what happened to the home/car payments.

Also, if she wants to get them both in her name, refinance or otherwise, to protect myself, should this be done before or after the divorce?

 

[Ohiogal]

What is the name of your state (only U.S. law)? Indiana

On the Decree Of Dissolution of Marriage, section 11 says,
"Petitioner will be solely responsible for the following debts and shall hold Respondent harmless from liability, expense, attorney's fees, and loss which may be incurred by Respondent arising out of petitioner's failure to pay such debts."

She is the Petitioner, I'm the Respondent. Listed are our house and our car, both jointly owned. She wants both, which I am fine with.

I have had people tell me I will still be responsible for the mortgage, any late payments she makes will damage my credit, etc... Is this true? It sounds like it wouldn't effect me, regardless what happened to the home/car payments.

Also, if she wants to get them both in her name, refinance or otherwise, to protect myself, should this be done before or after the divorce?

The creditor (bank) will not be bound by your divorce decree. If you are on the loan, the bank/creditor can hold you liable. She may be held liable by the divorce court through a motion to show cause. But it will NOT protect or save your credit.