Husband and I are divorcing – he has a car loan and I am the co-signor.
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Husband and I are divorcing – he has a car loan and I am the co-signor.
Can I have my name removed from the loan through the divorce documents? If so, does the bank have to follow the divorce settlement?
Asked on June 17, 2009 under Family Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
No, the divorce decree can't take your name off the car loan -- or a mortgage. It can require your soon-to-be-ex to do it, but since the bank isn't a party to your divorce, the order itself isn't binding on them at all. And you can have what is called an indemnify-and-hold-harmless clause in the settlement agreement or decree or both, but if your by-then-ex defaults on the loan and disappears (etc.), that won't protect you from the creditor.
Sometimes, there's no way around this kind of result. But I wouldn't jump to that conclusion, I'd wait to hear it from an attorney who knows the law in your state (I don't), who's had the opportunity to review your whole case in enough detail. One place you can find a lawyer to sort this out for you is our website, http://attorneypages.com
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