Q: Am I alone responsible for a line of credit debt? I signed for the draws but my wife could not. Draws were business.
A: The answer to your question depends. Court's have wide discretion in awarding debt in a divorce and a court will look at the specific circumstances surrounding your case. It is possible that you may be solely responsible for the debt, or if a court doesn't think that is proper, then they will award the debt in a different fashion. Commonly parties to a divorce attend mediation and come to a custom plan on how to divide community property and debt, this can be beneficial because you and your spouse are in a better position to understand your specific life circumstances then a court is. If you are going through a divorce then you should enlist the help of a qualified divorce attorney familiar with property and debt division to help you secure your rights in court and/or mediation.
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