Scenario: You and your spouse and were getting deeper and deeper into credit card debt. You both realized the only way to get out from under the massive debt load was to get two debt consolidation loans, with each person getting a loan in their own name.
You refinanced the loan under your name to add both debts together and pay less interest. The marriage has dissolved and now you are left holding the bag. Is your spouse liable for any of this debt?
If the final papers have not yet been drawn, we would strongly suggest terms for payment of this loan be worked into the divorce arrangement. This way, you have a legal and binding agreement making your spouse is liable for this debt as well. If the divorce has already gone through and you were relying on their honor, you could be in trouble.
Even though you were married, the loan was taken out in your name. That being the case, your ex-spouse has no legal commitment to pay back the loan. Regardless of how dire your situation is at the time, you will be solely responsible for the repayment of the loan.
While we would hope the spouse would do the honorable thing, if the divorce ended on bad terms, as most of them do, spite may get the best of them and they will simply walk away from the debt without paying you another penny towards it.
If the payments are too high, you might consider contacting your lender to see if they can rework the terms of the loan. They may be willing to extend the length of the debt in order to lower your payments.
You will end up paying more over the term of the loan, but the payments will become more manageable for you. If they are not willing to work with you on the payment terms, you may have to take some drastic measures, such as an IVA or even bankruptcy.