06-17-2007 04:09 AM
06-17-2007 05:18 AM
06-17-2007 05:38 AM
Pay the joint accounts off and close them. Divorce in and of itself does not ruin your credit. A nasty vindictive partner can wreck havoc though so if possible try to remain civil as it only benefits both partners. Good luck.
06-17-2007 05:12 PM
06-17-2007 07:23 PM
06-17-2007 08:34 PM
06-17-2007 09:14 PM
Do the same laws apply for common-law relationships?
dog wrote:one of the worst side effects of divorce and the ruination of credit is that creditors typically ARE NOT bound by the orders of a local family court as to who is responsible for a debt post-divorce. although your divorce decree may grant your spouse possession of the home and responsibility for the mortgage, if your spouse defaults you are still responsible. also, the mortgage will still show up as your tl on your reports, often preventing you from obtaining a new mortgage. same with credit accounts, medical bills, auto loans, etc. i used to practice family law, and ALWAYS made sure that joint debts were refinanced by the responsible party before entering into a settlement agreement and presenting the agreement to the court. if the other party couldnt refinance, then i insisted on a sale of the property.by the way, i no longer practice in this area of the law, and the foregoing is general legal information and is not to be construed as legal advice. and hell no, an attorney/client relationship has not been formed between me and anyone on this forum via this posting!
06-17-2007 10:49 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO