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after separation

I have been separated from my husband for 9 months. We have divided all the assets in line with verbal prenumpt (document written, not signed, but verbally agreed upon by both parties). All credit cards, loans, mortage have been retitled to one or the other. We both ended up with debt. He ended up with a credit line of 12K that used to be joint, but now is in his name only, a van loan (he has the van) that used to be in my name that is now in his. I paid off his credit card and mine 15 months ago and removed my name 9 months ago from each. He now has that credit card (in his name only) and a new one (his name only) maxed out from living expenses and trying to be super dad of 30K. The house is in my name only now thru a title transfer. He is thinking about filing bankruptcy. Does this effect my assets as they are in my name now? I too have debt, but have gotten a loan from my father to pay off my share of our debt. We no longer have anything in joint names.

Posted from: New Brunswick

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One Response to “after separation”

A licensed trustee said...

If your name has been removed from any/all joint debts then you should not have to worry about any of his creditors pursuing you. There may be some issues associated with the transfer of title on the house – effectively he “gave” you his share of the house and his trustee may have some concersn about that. If you still have an amicable relationship with your ex you should ask him to discuss the house transfer with his trustee before he files for bankruptcy so you’ll at least get some warning.