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credit and divorce

New Visitor

Re: credit and divorce

Unfortunately, many people just do not know that having the divorce decree state who is responsible for what is not worth the paper it is printed on!  I thought my ex and I handled the divorce very well...until 6 months later I get a credit report and see that not only has he missed payments on our joint accounts, but he has charged up over $15,000 in addition to the $5000 we already owed.  Someone REALLY needs to write a book or something addressing these things.  Obviously, I am too naive on several things but my credit is ruined for the next 7 years because of missed payments!  It really seems like this stuff is set up to protect the ones who break the rules (visitation as well as credit reporting)!  I am just a nice lady with two kids who is doing the best I can in a situation I never anticipated and it just keeps coming!
Message 11 of 12
Senior Contributor

Re: credit and divorce

Doesn't really require a book. Just need to have two people agree to do something which is in the interest of both their financial futures.
The simply solution is for both to ask their respective attorneys to liquidate anything financed or order individual refinancing on any jointly financed assets in the divorce decree.
Home is in both names. Sell it and split the proceeds.
Car is in both names, either sell it or the spouse taking the vehicle agrees in the divorce decree to refi it in their name only.
Joint CC accounts? Close 'em. Either PIF the balances, or if there are large balances the spouse agreeing to take on that debt BTs the balance to an individual CC.
If it's a community property state, couple of extra considerations.
Oh, but they have to agree to this right at the time when they are most in disagreement with one another. Easy-peasy. Smiley Wink
With DW and I, if we were ever to divorce it would be less painful, less bloody, and cause less damage to do pistols at 10 paces.
Message 12 of 12