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I took a loan in my wife's name, and she has been paying the EMIs. After financial losses during COVID, she continued the payments. We’ve been married for 3.5 years but due to compatibility and personal issues, I want a mutual divorce. Do I need to repay her for the loan, even though it was taken with her consent? If yes, can it be paid in EMIs or must it be paid in full before divorce?
If the loan is in your wife’s name and she paid the EMIs, you are not legally bound to repay unless there is a written agreement. However, during mutual divorce, you can both agree on repayment terms. If you choose to pay, it can be done in EMIs if both of you agree and mention it in divorce terms. For further legal assistance contact us on our helpline number.