If I am in a business partnership with my husband and we separate, am I responsible for half of the overdraft that is owing under family law?
SA Business Partnership with Husband - Am I Responsible for Overdraft?
- Thread starter Bronwyn Ritchie
- Start date
When you attempt a financial settlement, then the overdraft will be taken into consideration. It will be added to the liabilities.
As far as paying it to the bank goes however, if it is a joint account with the bank and it is in both your names you will generally be jointly and severally liable for it, which means the bank can come after both of you or either one of you for the money. However, the family court does have the power to direct that one of you pay it off if it deems that to be fair.
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