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Spouse’s liability for debts, with bank loans

Marriage, and thus a shared household, has its pros and cons. Sharing expenses, joint settlement of taxes, mutual help are undoubtedly better sides of such an arrangement. One side’s responsibility for the other is less. What if the wife does not repay her bank loans, as far as the husband can be responsible for them? We will try to discuss the issue of liability for the spouse’s debts.

The husband’s responsibility for his wife’s debts, the wife’s responsibility for her husband’s debts

The husband

The most recurring situation among our clients is the one in which the spouses start taking loans together. If they lose control over them, or one of them chooses non-bank obligations, in addition, fearing to admit it, the stairs begin. Customers who expect a loan without the consent of the spouse are reporting. Customers get these loans. Each bank offers loans up to a certain amount without the spouse’s consent. If there is a problem with paying off such obligations, what is the division of responsibility between spouses?

Spouse’s consent for a bank loan

Spouse

In this situation, the spouses are responsible for the debt with joint property, and the main borrower additionally with their personal property. In this solution, the bank has considerable possibilities to assert its rights and collect debts from both spouses.

Lack of consent of the spouse for a bank loan

Lack of consent of the spouse for a bank loan

The person appearing on the loan as a borrower in case of problems with repayment is liable with all his property. The bank may also claim parts of the joint property, but will not do so with respect to the personal property of the spouse who did not agree to the loan.

Joint credit for both spouses

Joint credit for both spouses

In this case, two borrowers appear on the loan. They are responsible in the same way for debt, ie joint and personal property. The bank has the greatest possibilities of enforcing debt from spouses in this case.

However, if the bank proves that the loan obtained by one spouse, without the consent of the other went to finance common needs, the bank may require a refund from both spouses.

Spouse’s liability for debts, bank loans, summary

It is worth remembering that the situations discussed in this post report to lending clients while married. It is important that the spouses are aware of the consequences of consenting to credit, expressed to the spouse. If your husband or wife are very light on the issue of crediting and cash matching, maybe you better protect yourself earlier by signing the property separation?

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