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NSW Ex's Business Debt and Tax Debt - Am I Responsible?

Discussion in 'Family Law Forum' started by blossum71, 9 June 2015.

  1. blossum71

    blossum71 Member

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    Can somebody inform me if I am responsible for my ex-husbands business debts. I am not connected to the business, and he was a sole trader.
    The houses have been sold and property settlement is to occur. He has a large tax debt that I am apparently responsible for, as well as a large amount of his business debt (accounts, overdrafts etc). He has no superannuation. I have a credit card debt that is in my name. I have not sited any exact figures of the ATO debt, nor any details of the overdraft.
     
  2. AllForHer

    AllForHer Well-Known Member

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    Property settlements are not influenced by whose name an asset or debt is in, but rather, by whether each party had a joint interest in it. It's likely you will be considered to have a joint interest in the business because you would have benefitted from the business' income, but I'm not sure to what extent that would impact the property settlement. It would be worthwhile speaking to a solicitor about this - Legal Aid can provide consultations for free.
     

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