Tips for dealing with divorce & debt
Posted on January 13th, 2007 by Financial Diva
If your marriage breaks down, there are a few things you should do. And it is especially important to know that if YOU signed the loan for something your husband did with the money, you are STILL liable for the debt. Just because the divorce decree says he is, doesn’t mean anything to the creditor you signed with.
- Pull a copy of your credit report and close any joint accounts you can or change to individual accounts
- Open a new bank account in your name only, that is not attached to the previous joint accounts
- Stop allowing charges onto joint credit cards or lines of credit
- Detail how you want assets and debts to be divided to present to your husband’s lawyer
- Decide on spousal and child support.
When a large amount of debt is involved, you should consult with a lawyer or financial advisor to sort out the financial implications so you can lessen the impact on your finances and credit score.
Filed under: Debt
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