After separation, who responsible for credit debt?
Date: Wed, 12/15/2010 - 08:44
My wife and I took out a line of credit ($42,000) when she was on maternity leave with our second child 5 years ago. She handles our finances because she likes to be in control and want to keep the peace. About two years later, the back offered her a second line of credit (that she took) in her name. I didn???t know about this until months and a lot of debt later. Now we have $38,000 owing on our joint credit line and $30,000 owing on her credit line. My wife is responsible for about 70% of the debt (purchases that were maid without my knowledge and were unnecessary). My wife recently said that she wants a separation and we just separated account, money and bills with her initiating.
Am I (legally) responsible for her line of credit (paying off the debt)?
Am I (legally) responsible for her line of credit (paying off the debt)?
Are both of your names on the account? If so then yes, you're l
Are both of your names on the account? If so then yes, you're legally responsible. If your wife is willing to take on the account on her own, you need to have you name removed from the account.
Then it's likely you won't be held responsible. Your only glitc
Then it's likely you won't be held responsible. Your only glitch may be if you live in a community property state?