What If Divorce Happens
Excerpt : A couple recently divorced. Their Divorce Decree stated that the husband would pay the balances on their three joint credit card accounts. Months later, after he neglected to pay off these accounts,
A couple recently divorced. Their Divorce Decree stated that the husband would pay the balances on their three joint credit card accounts. Months later, after he neglected to pay off these accounts, all three creditors contacted the wife for payment. She referred them to the divorce decree, insisting that she was Not Responsible for the accounts. The creditors correctly stated that they were not parties to the decree and that the wife was still legally responsible for paying off the couple's joint accounts. She later found out that the late payments appeared on her credit report.
You may want to look closely at issues involving credit if you've recently been through a divorce - or are contemplating one. Understanding the Different Kinds of credit accounts opened during a marriage may help show you the potential
benefits and pitfalls of each.
There are two types of credit accounts: individual and joint. You can permit authorized persons to use the account with either. When you apply for credit-whether a charge card or a mortgage loan - you'll be asked to select either an individual or a joint account.
Individual Account
The creditor considers your income, assets, and credit history. Whether you are married or single, you alone are responsible for paying off the debt. The account will appear on your credit report, and may appear on the credit report of any authorized user. If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin) the individual debts of one spouse may appear on the credit report of the
other.
Advantages/Disadvantages
If you're not employed outside the home, work part-time, or have a low-paying job, it may be difficult to demonstrate a strong financial picture without your spouse's income. But if you open an account in your name and are responsible, no one can negatively affect your credit record.
Joint Account
The income, financial assets, and credit history of you and your spouse are considerations for a joint account. No matter who handles the household bills, you and your spouse are responsible for seeing that debts are paid. A creditor who reports the credit history of a joint account to credit bureaus must report it in both names (if the account was opened after June 1, 1977).
Advantages/Disadvantages: An application combining the financial resources of
Also see :
Choosing your Divorce Method
The biggest mistake that people make when getting divorced is that they fail to plan. They simply decide to leave the relationship and then enter and ugly and expensive battle that ends up hurting everyone involved. There are some things that...read more
Marriage, Divorce, and Kids
It’s been said that one of the problems that married couples have today is that men tend to choose their wives the same way they choose their cars or trucks. They get the best one available and hope that there’s not much maintenance down the road. ...read more
|
two people may present a stronger case to a creditor who is Granting a Loan or credit card. But because two people applied together for the credit, each is responsible for the debt. This rule continues to rule your credit score, even if a divorce decree assigns separate debt obligations to each spouse. Former spouses who run up bills and don't pay them can hurt their ex-partner's credit histories on jointly held accounts.
Account "Users"
If you open an individual account, you may authorize another person to use it. If you name your spouse as the authorized user, it will be reported in both of your names if the account was opened after June 1, 1977). A creditor also may report the credit history in the name of any other authorized user.
Advantages/Disadvantages: User accounts often are opened for
Also see :
Surviving Life After Divorce
After divorce, the most important thing you can do is to move forward sensibly. Here are ten steps to help you on your way back to a fulfilling life. 1. Think single. As obvious as it may seem, you're no longer one half of a couple and that...read more
May I Divorce and Remarry?
Divorce and Remarriage Ray Stark -------------------------------------------------------------------------------- This is a subject that has caused much heartache, spiritual shipwreck and tragic loss of ministry potential. I am not speaking of...read more
|
convenience. They benefit people who might not qualify for credit on their own, such as students or homemakers. While these people may use the account, you yourself are contractually liable for paying the debt. If you are Thinking About Divorce, examine the status of your credit accounts, because if you maintain joint accounts during this time, it's important to make regular payments so your credit record won't suffer. Remember that if there's an Outstanding Balance on a joint account, you and your spouse are responsible for it. Therefore, if divorce, you may want to close joint accounts or accounts in which your former spouse was an authorized user.
You could also ask the creditor to Convert These Accountsto individual accounts. By law, a creditor cannot close a joint account because of a change in marital status,
Also see :
Do It Yourself Divorces
Do It Yourself Divorces are intended for simple divorces that do not involve any complicated financial or custody/support issues. You just have to fill up a few forms, if you are eligible for do it yourself divorce, to get your divorce process...read more
Divorce - I Do. Never Mind!
A divorce, or a decree of ‘dissolution of marriage’ is a court terminating an existing marriage. This is in contrast to an annulment, which states that a marriage never existed.
The main issues to settle are the division of property, child...read more
|
but can do so at the request of either spouse. A creditor also is not required to change joint accounts to individual accounts and could require you to reapply for credit on an individual basis and then, based on your new application, extend or deny you credit. In the case of a mortgage or home equity loan, a lender is likely to Require Refinancingto remove a spouse from the obligation.
About the Author: Jeffrey Broobin is a free-lance writer on family and finance issues; his main goal is to help people during their complicated period of life. Website: http://www.legalhelpmate.com Email: jeffreyb@legalhelper.ws
Source: www.isnare.com
 |
Now You Can Stop Your Indecision & Pain About
Whether to Stay Married or Get a Divorce!
|
More Divorce Articles
What Divorce Parenting Practices is Best Appropriate for an Infant?
Is there such thing as divorce parenting practices that is best appropriate for an infant? I tell...
Divorce Attorney - Finding A Good One
Using a low cost divorce service instead of a divorce attorney, is often cited as the only way to...
Divorce Advice
|
sitemap
copyright www.seekdivorceadvices.com 2006
|
Recently Added Divorce Articles
Are You Heading For Divorce?
Marriage is one of the most sacred institutions in life. It should be respected and given importance. But it is sad to say that nowadays, a lot of couples tend to forget the sanctity of marriage. More And more couples opt for divorce instead of...read more
"Divorce Decision: Things To Consider When Making A Decision About Divorce"
When making a divorce decision, there are quite a few things that you should consider. Too often people find themselves unable to clearly identify what they need to think about when making a divorce decision which leads to further indecision and...read more
Stop Dirty Divorce Tricks From Being Played On You.
We all kind of laugh about dirty divorce tricks that you hear are played. It is always kinda funny when you are not the one the trick is played on.
------------------------------------
It still amazes me that this stuff happens....read more
Divorce and Uncle Sam: Top 10 Things You Should Know When Filing Your Taxes
If you’ve recently divorced or separated from your spouse, here are a few things you should know for the upcoming tax season: 1.What is my filing status? (Married, Single, Head of Household) Marital standing at year end determines your filing...read more
Oklahoma Divorce Law
Oklahoma Divorce Law
In the state of Oklahoma there are a few options for couples who are looking for a divorce. The first option is called limited divorce and is similar to what is known as a trial separation in other states. Limited divorce will...read more
Divorced And Penniless - Why It Can Happen To You
What you do not know can actually harm you badly. The truth is that even as you continue to regularly read about those hefty divorce settlements celebrities are getting all the time, some divorce lawyers are fighting back - and succeeding. The...read more
What Divorce Parenting Practices is Best Appropriate for Preschoolers?
How do you spare your preschoolers for the negative effects of divorce? How do you promote your preschooler's healthy growth and development? The answer is appropriate divorce parenting practices. The next question is what appropriate divorce...read more
Winning Tactics For A Smooth Divorce
The term "smooth divorce" may be an oxymoron, meaning there may not really be such a thing as a smooth divorce. Divorces typically are a dramatic schism in a couple's lives, ending five, ten, or even thirty years of a relationship. Something like...read more
Child Custody in a Divorce - What is Best for the Children?
Copyright 2005 The Divorce Center P.A.
In most states, a court's decision about child custody during a
divorce used to be simple to make. The judge would give custody
to the mom. The dad got alternating weekend visitation. Now,
custody...read more
How to Get A Divorce
While each person’s situation is unique, there are steps to follow that are common to all in the event that you and/or your spouse decide to file for divorce. Here is some general divorce advice:
Become familiar with the divorce process
The...read more
Some News About Divorce
- The Six Personal Traits That Help Women Successfully Survive Divorce
Every woman who walks into our office wants an answer to the exact same question. She wants to know this: Will my family -both me and my children ?be financially OK after the divorce? To help answer that question, I advise all my clients on the importance of assembling a skilled, experienced divorce team. We ...
- 'Divorce Hotel' to Untie Knot
In the Netherlands a weekend break can become a weekend break-up for couples hoping for a swift and cheap divorce.
- Humphries wants to air divorce trial?
Kim Kardashian's estranged husband, Kris Humphries, wants to televise his divorce trial in a bid to expose the truth behind reality TV, TMZ reported Tuesday.
-
Divorce
Secrets.
Step by step guide to planning and executing your divorce.
-
Family
Law Secrets Revealed.
Helping fathers get equal rights in custody and divorce issues.
-
Divorce-Parenting.
eBook, online seminar, free advice.
-
Divorcecoachfordads.com.
Save Time, Money, and Grief.
-
Divorce &
Custody Information Products.
Practical solutions to divorce & custody concerns - products targeted to a large
& needy market producing high yields.
-
Avoid The
10 Biggest Divorce Mistakes.
Find out how to avoid making common costly mistakes during divorce and save
thousands of dollars.
-
Lifeline
After Divorce.
A unique, intensive recovery program when divorce or separation happens.
Powerful. You take charge of your life immediately.
-
Divorce
Decision.
Breakthrough resource to help women who are unhappy in marriage make a careful
decision.
-
Millennium
Divorce E-Books.
Leading E-Books on Divorce and Separation Issues for the consumer.
-
Legally
Save Thousands On Your Divorce.
Legally Save Massive Amounts of Money on Your Divorce.
-
CivilFiles.com - Civil Records Online.
Marriage, Divorce, Birth - Any Records!
-
UndercoverDetective.com: Brand New!
Death Search, Divorce Search, Classmate Search, Property Search, Licence Search
& more! - from the People-Search.com team!
-
CivilRecords.org - Marriage / Divorce.
Civil Records Searches
-
ParentingToolbox Membership Site.
Parenting, anger, depression, divorce
-
Children And Divorce.
Smart Divorce outlines a step-by-step holistic approach on how to help your
children not to just survive, but Thrive!
-
Should
You Stay Or Should You Go?
eBook helps you decide whether to get a divorce or leave your love relationship.
-
Tao Of
Divorce.
eBook - Tao of Divorce: A Woman's Tactical Guide to Winning - (based on Sun
Tzu's the Art of War)
-
PeopleFiles.com- Personal Records Online.
Look up anyone's background, assets, crimes, fraud, judgments, phone, debts,
marriages, divorces, ancestry, and more.
-
Divorce
And Women.
Self-Help eBooks on Divorce, beating your Financial Worries and doing your own
Will.
-
Stop
Marriage Divorce eBook.
Amazing eBook to Help Save your Marriage & Stop Your Divorce. Highest Conversion
& Payout report.
-
WomansDivorce.com.
Helping women facing divorce to take control of their future.
|