Financial Fitness with Alan Akina - Am I Responsible for my Ex's Debt?

25 Nov 2013 · 1 min

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In this short segment of the Wake Up Today program, financial expert Alan Akina addresses a common question: whether an individual is liable for a former partner's debt. He states the short answer is yes, emphasizing that liability hinges on the lender's perspective. Akina outlines three practical options for handling such debt: paying it off using personal savings, selling the asset tied to the debt, or refinancing the debt into the ex‑spouse’s name. He reinforces a simple rule of thumb—if you signed the loan agreement, you are responsible for it. The segment concludes with his sign‑off for the show.

All right, the relationship may be history, but the bills may still be coming.
Alan Akina tells us a breakup doesn't necessarily mean it's over.
Good morning, gang. Here's a question I come across all the time: am I liable for my ex's debt? Now, I'll give you the short answer to this: yes, you are. Now, I understand that you may not feel like you're responsible for his motorcycle loan or for her credit card debt, But the only thing that really matters is what the lender thinks. And I know it can be a sad and cruel world sometimes, but here are 3 things that you can do about it. Number 1, pay it off with some money from your savings. Number 2, sell it. Or number 3, refinance it into the name of the other spouse. Now remember this simple rule of thumb: if you sign your name on the dotted line, you are responsible for it. For Wake Up Today, I'm Alan Akina. See you on Wednesday.
Good to know.