You will be responsible for debts according to which of you entered into the deal. If you bought a car with a car loan, it's your debt. If your partner is using the car, it's still your debt. If your partner bought the car with a loan, it’s their debt. However, if your partner defaults and the loan company refer it to a debt collection agency and the default is recorded against your address, this could affect your credit rating.
It's a matter of the contract which you signed. Where you both signed a particular contract in your joint names, like a bank account in joint names which is overdrawn, it is a debt you both owe.
We are always willing to discuss each individual situation. Please phone Janet Hopkins on 01858 445480 or James Haworth on 0116 212 1080 to arrange a free initial appointment.
Please also see our pages on topics linked to separation, how assets are divided on separation, Relate and mediation, separation and married couples, children and separating parents, what is the difference between separation and divorce.
