Sentences with phrase «debt in joint names»

For married couples, it is often financially practical and convenient to assume debt in their joint names to finance mortgages, luxuries and comforts.

You may have a debt in joint names, or want to write to your creditors together because you have worked out a joint budget.

Similarly, joint debts are shared equally no matter who incurred the debt — so make sure your partner isn't incurring debt in your joint name that you aren't willing to pay half of.

Not exact matches

In the event of a spouse's death, creditors can not automatically remove the deceased person's name from the joint account and make the debt the sole responsibility of the living spouse.

Further, if a depositor has an account, in that depositor's name solely, and that depositor owes the Bank money, you agree that any money held in a joint account with that depositor and you may also be used to pay the debt.

Even if all your debts are in joint names, you will still have to apply for an administration order for each person.

No one else has to pay for the debts unless they are already liable under the terms of the original agreement, for example the debt is in joint names or someone has signed as a guarantor.

«You»; our client and your partner, where your partner has consented to having their personal details included in the financial review and where debts are in joint names.

BC's new Family Law Act and how it impacts excluded property placed in joint names or used to buy, renovate or pay down debt on jointly owned properties remains in legal turmoil.

Debts can also be in joint names.

Issues can occur when debts — such as an overdraft on a joint bank account, bank loan or mortgage — have been accrued in both your names.

In most states the general rule is that all assets obtained during a marriage are joint property but responsibility for the debts of one spouse does not pass to the other spouse unless the debt was in the name of both partieIn most states the general rule is that all assets obtained during a marriage are joint property but responsibility for the debts of one spouse does not pass to the other spouse unless the debt was in the name of both partiein the name of both parties.

The Final Judgment of Divorce, and / or Property Settlement Agreement will need to address who is responsible for this debt — whether it is in your name, your spouse's name, or joint names.

On the other hand, a joint application also requires that you combine the debt obligations of each party that are carried in separate names.