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- Indemnity clauses are common in divorce decrees to protect one spouse against the other spouse’s court-assigned responsibility for paying a joint debt. “Indemnify” means to hold harmless for loss. A short scenario will help explain the concept: Husband and Wife have a credit card in both names with a $5K balance.
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Indemnity Agreements in Divorce - Divorceinfo.com
An indemnity agreement is sometimes called a “hold harmless” provision. It’s an undertaking from one spouse to the other — usually made about payment of a debt. The party making the indemnity is called the indemnitor, and the party receiving the indemnity is called the indemnitee.
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Indemnity - What It Takes to Collect - Cramp Law Firm, PLLC
Apr 20, 2014 · Indemnity clauses are common in divorce decrees to protect one spouse against the other spouse’s court-assigned responsibility for paying a joint debt. “Indemnify” means to …
What is an indemnity in a divorce? - Maine Divorce Law Blog
May 10, 2023 · In the case of a divorce, a right to indemnity would require one spouse to pay all the damages inflicted on the other by reason of a debt assigned to the other spouse. Table of …
Case Law: Indemnities: Recent decisions by the high …
Dec 15, 2020 · What period of time should the indemnity cover? What types of loss is the indemnity seeking to cover? How does the indemnity interact with other provisions in the contract? When should the indemnity come into force? What …
Florida divorce agreements: Indemnity clause versus prevailing …
Apr 27, 2020 · The appellate court held “A contract of indemnity differs from a prevailing party attorney's fee provision in one important way: the duty to indemnify is enforceable regardless …
The Impact of Dividing Debts at Divorce - The Center for Family Law
Sep 22, 2020 · The divorce judgment may include an indemnification and hold harmless clause. Typically, these provisions are used so that a party who agrees or is ordered to pay a certain …
Dividing Debt and Protecting Credit Scores in Divorce
Sep 18, 2024 · The indemnity agreement will allow you to take your ex-spouse to court if they default on the debt. Talk to your divorce attorney about adding an indemnity clause to your …
How Indemnification Clauses Can Protect You Financially After …
Mar 1, 2016 · If your ex-spouse fails to pay a certain debt listed on the divorce decree in an indemnity clause, the creditor of this debt has the legal right to go after both parties to collect …
What Do Indemnity Clauses In Divorce Really Mean?
Oct 6, 2015 · The purpose of indemnity clauses is to make sure each spouse knows what he or she is entitled to and obligated to. For example, if you and your spouse own two cars, the …
How to Divide Property and Debts in Divorce - Nolo
Jun 16, 2022 · Most states use a rule known as "equitable division" when judges divide marital property in divorce. Basically, this means that a couple's marital assets and debts will be distributed between them in a way that the judge …
What is indemnity in a marriage? - Maine Divorce Law Blog
May 5, 2023 · Indemnity clauses are common in divorce decrees to protect one spouse against the other spouse’s court-assigned responsibility for paying a joint debt. “Indemnify” means to …
‘Indemnify, Defend, and Hold Harmless’: What Does It Really Mean?
Jan 15, 2024 · To “indemnify” means to pay or compensate the other party for its legal liabilities or losses. An indemnitor can indemnify for damages, which typically do not arise until the end of …
What is Indemnification? Indemnification Clauses Explained
Indemnification clauses, also known as indemnity agreements, are contractual promises in which one party commits to compensating another for any losses incurred. These serve as a …
Indemnify Examples, Processes - Legal Dictionary
Aug 27, 2015 · Indemnity is commonly included as a clause in contracts in which the actions or mistakes of one party may result in the other party being liable for damages. For example: A …
Tax Considerations for Divorcing Spouses - The Tax Adviser
Apr 1, 2016 · During the divorce proceedings, it is critical for each taxpayer to work with a tax adviser to understand the estate, gift, and income tax consequences of the marriage dissolution.
Indemnification Clause Sample - Bloomberg Law
Aug 9, 2023 · Indemnifications, or hold harmless provisions, shift risks or potential costs from one party to another. View a sample indemnification clause and learn more about its use and …
Divorce and Property - FindLaw
Jul 10, 2023 · There are two main ways to divide marital property: community property and equitable distribution. Nine states have community property laws, including California and …
What does indemnity really do? - Divorce Advice Forum
Mar 4, 2015 · In the event that the mortgage payments are not made and the recipient of the indemnity suffers a loss, that person can seek to recover the loss from the other party. …
Negotiating Indemnity - American Bar Association
May 5, 2017 · Indemnification is the practice of guaranteeing a third party claim against your counterparty. Hold harmless means that one party agrees not to seek damages from the other …
Dependency and Indemnity Compensation Explained | CCK Law
May 9, 2017 · Dependency and Indemnity Compensation (DIC) is a tax-free monetary benefit from the Department of Veterans Affairs (VA) paid to eligible survivors of military service members …
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