[This is a re-post of a popular article that I wrote and published a year ago on this site. ~BCV] It’s never easy to take the first step on any journey. When you are facing a marital separation, there are five things that you can do to protect yourself, financially and emotionally. 1. Secure your property. Review your joint bank and credit card statements regularly to ensure that no unexpected […]
Divorcing spouses often ask me about credit card debts and loans. While a divorce court may assign responsibility for paying credit card debts and loans that were incurred during the marriage, the court generally lacks jurisdiction over the creditors. In other words, the divorce court cannot force the credit card issuer to collect from one particular spouse if both spouses were cardholders. If both spouses’ names are on the credit […]
The divorce court may allocate responsibility for joint debts, but creditors may hold either or both parties responsible, affecting the credit ratings of both ex-spouses.