Indemnification
A legal obligation where one party agrees to compensate the other for losses arising from a specific debt, claim, or liability.
Understanding Indemnification
In divorce agreements, indemnification clauses work alongside hold harmless provisions to protect a spouse from financial harm. If one spouse agrees to pay a joint debt and then defaults, the indemnification clause requires them to reimburse the other spouse for any resulting damages including late fees, credit damage, and attorney fees incurred in enforcement. Indemnification provisions are especially important for joint debts because creditors are not bound by divorce agreements.
Real-World Examples
The indemnification clause required him to reimburse her for any costs, including attorney fees, if the joint credit card company came after her for his unpaid balance.
Related Terms
A clause in a divorce agreement where one spouse agrees to protect the other from liability on a specific debt or obligation.
Marital Settlement AgreementA written contract between divorcing spouses that resolves all issues including property division, custody, and support.
LienA legal claim placed on property to secure payment of a debt, which must be satisfied before the property can be sold or transferred.
Related Guides
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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.
Always consult a licensed attorney in your area for advice specific to your situation.