shared debt
Owed by both
Shared debt is financial obligation held jointly by two or more parties, each legally responsible for repayment.
Couples often accumulate shared debt through mortgages, joint credit cards, or cosigned loans.
The term appears frequently in discussions of divorce, where dividing shared debt becomes as contentious as dividing assets: We're still paying off shared debt from the marriage.
- installment planPeriodic payment arrangement
- repayment scheduleTimetable for settling debt
- co-signerJoint debt guarantor
- promissory noteWritten debt obligation
- blood from a stoneUnobtainable thing from unwilling source
peer-to-peer lending · joint account · guarantor · student loans · contingency planning
- couple financesjoint account, household budget, financial planning, expense tracking, financial goals
- marriage lawmarriage contract, divorce decree, marriage certificate, matrimony, divorce petition
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