Joint debts and obligations, such as mortgages, loans, credit cards, overdraft or condo fees, remain a shared responsibility even if you and your former spouse are legally separated or divorced. Both parties remain fully accountable to each creditor for 100 per cent of the debt, unless it is renegotiated, because a legal agreement to dissolve a relationship is only an agreement with each other, not your creditors. To remove one party’s liability for a debt, with the creditor’s approval, it needs to be refinanced or transferred into a single borrower’s name.
