QUESTION
My ex was responsible to pay HELOC in our divorce decree. He settled for a lower amount and now this account has negatively impacted my credit
Asked on Nov 14th, 2014 on Divorce - Nevada
More details to this question:
Isn't my ex responsible to pay this HELOC debt in full? Because he negotiated a settlement of less than the amount due, this account has hit my credit report as a derogatory account and dropped my credit score substantially. They, Chase, also reserve the right to collect on the balance. In the divorce decree my ex was to pay this debt. Isn't he obligated to pay it in FULL? I never even signed any paperwork with the HELOC lenders authorizing this lower settlement. How could my ex even negotiate this without my knowledge?
1 ANSWER
To answer your last question first, figure out who was on the HELOC, and consider calling the lender to inquire. Since it already appears to have happened, however, the question is what you can do about it. There is case law indicating that if your ex fails to follow the decree and you are financially injured by that failure, you can haul your ex back into family court for reimbursement of your loss (presuming you can quantify it) -- so if they do seek collection from you, you can probably make your ex "indemnify" you for the loss/collection.
Obviously, it is important to know EXACTLY what the decree says, so it may be necessary for you to consult with a family law (or credit repair) specialist.
Answered on Nov 15th, 2014 at 1:24 PM