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Joint Accounts

New Visitor

Joint Accounts

What are the negatvies associated with closing joiont accounts. My wife and I are disovling our marriage and I'm wondering how closing our joint accounts will affect my credit score as I try to refinance the home. Any guidance would greatly be appreciated. Thanks!
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Joint Accounts

first off sorry to hear about your marriage.   But since you are splitting up  I would close those cards or at least get your name of off them ASAP.   And don't worry about any  slight negatives it might have on your CR.     This could turn ugly fast when you have outstanding joint accounts still open.  Get your name separeted on every account including your bank accounts.   
Message 2 of 9
New Visitor

Re: Joint Accounts

Thanks for the concern, I don't wish this on anyone.... Thanks for the advice, it makes sense.
Message 3 of 9
Valued Member

Re: Joint Accounts

Id just like to echo the above sentiments.  Get everything out of your name that you can.  I got totally ripped in my divorce.  We were supposed to both pay on the house untill it sold and split up the joint credit cards (she pay off half and me as well).  We also had a car in our names that she was supposed to keep and pay.  Well, next thing I know, she files bankruptcy so guess where that leaves me?  Holding the entire bag....liable for all of it.
I say that to say this, divorce is typically ruff on credit.  Make sure you watch your credit like a hawk for the next year or so and insist that all agreements to split up the debt are kept and done in a timely manner.
Message 4 of 9
Valued Contributor

Re: Joint Accounts

yeah too many horror stories about an ex running up the cards or draining bank accounts and such.  And if your name is still attached, it doesn't matter if it is year after the divorce you are obligated to the debt.
 
Again sorry to hear this and good luck with everything.
Message 5 of 9
New Visitor

Re: Joint Accounts

BOSWD & CHall: Thanks for the help, it's greatly appreciated!
Message 6 of 9
Valued Contributor

Re: Joint Accounts

you're welcome
Message 7 of 9
Valued Member

Re: Joint Accounts

No problem. 
Message 8 of 9
Established Contributor

Re: Joint Accounts

sorry to hear about your divorce.  trust me when I say there is life after divorce....there really is.
 
but to the point.  don't just take your name off the accounts.  close all joint accounts that way nothing can come back to bite you.  By just taking your name off, you are still responsible for the balances should they become past due.
 
 
Message 9 of 9