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How to escape your ex's debt when you break up

How To Escape Your Ex's Debt When You Break Up

Wednesday 7th of June 2023
By: Body+Soul www.bodyandsoul.com.au Image: Getty

You have been AMAZING to say the least.

How can I avoid my ex's debt? Speaking with Body+Soul publication, Partner Gary Yan explains how to avoid being burdened with an ex-spouse's debt.    

"A divorce or legal separation involves not only the division of assets but also the sharing of liabilities, such as mortgages, student loans, credit cards, personal loans, and even gambling debts".

Gary Yan, Partner at Coote Family Lawyers, advises taking a "slow and steady approach to ensure you receive a fair division ... The court will consider the contribution each person has made to those assets and/or liabilities ... (and) whether other factors, such as income earning disparity, health and age mean that one half of the partnership should receive more - or less - of the overall asset pool".

Gary further explains how, during a separation, you can account for shared debts, what preventative measures can help avoid being burdened with an ex's debt and what you can do if you are shouldering an unfair portion of the debt after a separation.

You can read the full article here:  How to escape your ex's debt when you break up

If you are separating and would like advice on your rights (and responsibilities) post separation please call Coote Family Lawyers now on 03 9804 0035.  




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