Common use of Debt Division Clause in Contracts

Debt Division. In addition to the allocation of the debts associated with the property distributed herein, the remaining marital debt of the parties shall be divided as follows (list all debts incurred by one or both of the parties: credit cards, bank loans, personal loans, vehicle loans, outstanding monthly bills, student loans, medical bills, etc.): A. Plaintiff shall be solely responsible for and take over the following debts: B. Defendant shall be solely responsible for and take over the following debts: C. Unless otherwise provided for herein, each of the parties shall be solely responsible for any debts he/she has incurred since (mark one) □ date of separation on (fill in date you starting living apart); or □ date of execution of this Agreement. Each of the parties agrees not to contract any debt, charge or liability whatsoever for which the other or his or her property or estate shall or may become liable or answerable in the future. Except as otherwise expressly provided, it is further agreed that any and all unpaid debts not otherwise addressed in this document, incurred by the parties during the course of their marriage shall be the responsibility of the person who incurred it. Each party shall indemnify and hold harmless the other therefrom. D. In respect to equalizing the property distribution, the parties agree (check one): □ That Plaintiff / Defendant (circle one) shall pay to the other the amount of $ to equalize the property / debt distribution within days of entry of the Judgment and Decree of Divorce; □ That the allocation of personal property and debt is equitable and no amount is necessary to equalize the distribution. E. Unless otherwise provided herein, each of the parties promises at all times to keep the other party free, harmless and indemnified of and from any and all debts, charges or liabilities previously contracted or incurred by said party individually, and to be hereafter contracted or incurred by said party individually, and each shall immediately apply for formal transfer or assumption of the debts each assumes under this Agreement with the creditors involved so the non-responsible party is released from liability by the creditors. However, neither party can guarantee that the creditors involved will approve a release from liability. If a creditor denies a release presently, the parties agree to renew their applications for formal transfer or assumption in the future at reasonable intervals.

Debt Division. In addition to the allocation of the debts associated with the property distributed herein, the remaining marital debt of the parties shall be divided as follows (list all debts incurred by one or both of the parties: credit cards, bank loans, personal loans, vehicle loans, outstanding monthly bills, student loans, medical bills, etc.):, A. Plaintiff Wife shall be solely responsible for and take over the following debts: B. Defendant Husband shall be solely responsible for and take over the following debts: C. Unless otherwise provided for herein, each of the parties shall be solely responsible for any debts he/she has incurred since (mark one) □ date of separation on (fill in date you starting living apart); or □ date of execution of this Agreement. Each of the parties agrees not to contract any debt, charge or liability whatsoever for which the other or his or her property or estate shall or may become liable or answerable in the future. Except as otherwise expressly provided, it is further agreed that any and all unpaid debts not otherwise addressed in this document, incurred by the parties during the course of their marriage shall be the responsibility of the person who incurred it. Each party shall indemnify and hold harmless the other therefrom. D. In respect to equalizing the property distribution, the parties agree (check one): □ That Plaintiff Wife / Defendant Husband (circle one) shall pay to the other the amount of $ to equalize the property / debt distribution within days of entry of the Judgment and Decree of Divorce; OR □ That the allocation of personal property and debt is equitable and no amount is necessary to equalize the distribution. E. Unless otherwise provided herein, each of the parties promises at all times to keep the other party free, harmless and indemnified of and from any and all debts, charges or liabilities previously contracted or incurred by said party individually, and to be hereafter contracted or incurred by said party individually, and each shall immediately apply for formal transfer or assumption of the debts each assumes under this Agreement with the creditors involved so the non-responsible party is released from liability by the creditors. However, neither party can guarantee that the creditors involved will approve a release from liability. If a creditor denies a release presently, the parties agree to renew their applications for formal transfer or assumption in the future at reasonable intervals.

Debt Division. In addition to the allocation of the debts associated with the property distributed herein, the remaining marital debt of the parties shall be divided as follows (list all debts incurred by one or both of the parties: credit cards, bank loans, personal loans, vehicle loans, outstanding monthly bills, student loans, medical bills, etc.):, A. Plaintiff shall be solely responsible for and take over the following debts: B. Defendant shall be solely responsible for and take over the following debts: C. Unless otherwise provided for herein, each of the parties shall be solely responsible for any debts he/she has incurred since (mark one) □ date of separation on (fill in date you starting living apart); or □ date of execution of this Agreement. Each of the parties agrees not to contract any debt, charge or liability whatsoever for which the other or his or her property or estate shall or may become liable or answerable in the future. Except as otherwise expressly provided, it is further agreed that any and all unpaid debts not otherwise addressed in this document, incurred by the parties during the course of their marriage shall be the responsibility of the person who incurred it. Each party shall indemnify and hold harmless the other therefrom. D. In respect to equalizing the property distribution, the parties agree (check one): □ That Plaintiff / Defendant (circle one) shall pay to the other the amount of $ to equalize the property / debt distribution within days of entry of the Judgment and Decree of Divorce; □ That the allocation of personal property and debt is equitable and no amount is necessary to equalize the distribution. E. Unless otherwise provided herein, each of the parties promises at all times to keep the other party free, harmless and indemnified of and from any and all debts, charges or liabilities previously contracted or incurred by said party individually, and to be hereafter contracted or incurred by said party individually, and each shall immediately apply for formal transfer or assumption of the debts each assumes under this Agreement with the creditors involved so the non-responsible party is released from liability by the creditors. However, neither party can guarantee that the creditors involved will approve a release from liability. If a creditor denies a release presently, the parties agree to renew their applications for formal transfer or assumption in the future at reasonable intervals.

Debt Division. In addition to the allocation of the debts associated with the property distributed herein, the remaining marital debt of the parties shall be divided as follows (list all debts incurred by one or both of the parties: credit cards, bank loans, personal loans, vehicle loans, outstanding monthly bills, student loans, medical bills, etc.): A. Plaintiff shall be solely responsible for and take over the following debts: B. Defendant shall be solely responsible for and take over the following debts: C. Unless otherwise provided for herein, each of the parties shall be solely responsible for any debts he/she has incurred since (mark one) □ date of separation on (fill in date you starting living apart); or □ date of execution of this Agreement. Each of the parties agrees not to contract any debt, charge or liability whatsoever for which the other or his or her property or estate shall or may become liable or answerable in the future. Except as otherwise expressly provided, it is further agreed that any and all unpaid debts not otherwise addressed in this document, incurred by the parties during the course of their marriage shall be the responsibility of the person who incurred it. Each party shall indemnify and hold harmless the other therefrom. D. In respect to equalizing the property distribution, the parties agree (check one): □ That Plaintiff / Defendant (circle one) shall pay to the other the amount of $ to equalize the property / debt distribution within days of entry of the Judgment and Decree of Divorce; □ That the allocation of personal property and debt is equitable and no amount is necessary to equalize the distribution. E. Unless otherwise provided herein, each of the parties promises at all times to keep the other party free, harmless and indemnified of and from any and all debts, charges or liabilities previously contracted or incurred by said party individually, and to be hereafter contracted or incurred by said party individually, and each shall immediately imme- diately apply for formal transfer or assumption of the debts each assumes under this Agreement with the creditors involved so the non-responsible party is released from liability by the creditors. However, neither party can guarantee guar- xxxxx that the creditors involved will approve a release from liability. If a creditor denies a release presently, the parties agree to renew their applications for formal transfer or assumption in the future at reasonable intervals.