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Divorce and credit?

Date: Wed, 10/24/2007 - 08:23

Submitted by Amanda Sullivan
on Wed, 10/24/2007 - 08:23

Posts: 172 Credits: [Donate]

Total Replies: 7


My husband and I are most likely getting a divorce in the next year. Hopefully as soon as possible.

I know that divorce does something to your credit score? Is that right?

Does anyone have any advice when it comes to divorce and credit?

Thanks!

By the way, I'm in Maryland if that matters.


Pay special attention to credit issues if you are getting a divorce. Any negative information in your joint accounts affects both of your credit histories.

Quote:

A divorce decree has no impact on your joint debts, including credit cards, car loans, home mortgages and lines of credit. You are still obligated to repay any joint debts you may have incurred while you were married. Joint accounts mean joint liability.

Despite the divorce, you are still liable for your spouse's debt in joint accounts. If your spouse fails to pay a debt as ordered in a divorce decree, you will have to pay the debt to protect your credit history. You should then contact your attorney to take action against your ex-spouse to force payment to you.

When you divorce, you must contact each credit grantor and either close all joint accounts or convert them to individual accounts.

In community property states, you and your spouse are considered co-owners of all debts, regardless of whose name is on the account.

If you are an authorized-user on your spouse's account, you may have no credit history at all. Request copies of your individual credit report to find out.

I found this here...
brightscore.com/Education/life/Divorce.aspx

It looks like as long as everything stays in good standing you should be fine.


lrhall41

Submitted by surveygrrrl on Wed, 10/24/2007 - 08:45

( Posts: 152 | Credits: )


I was seperated 8 years....just this past year filed for divorce. There are STILL a few things, on my credit, from BOTH me and my ex. Any advice on how to take care of these, if my ex doesn't want to 'work' with me on this?


lrhall41

Submitted by sdchargers_63 on Wed, 11/14/2007 - 18:19

( Posts: 1798 | Credits: )


Hi,Sullivana........yea, i can of figured I would have to do that. I'm settling some of MY things first and then I'll 'tackle' those things ( from my ex and me). I appriciate the reply.


lrhall41

Submitted by sdchargers_63 on Fri, 11/16/2007 - 18:12

( Posts: 1798 | Credits: )