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Divorce and Debts:Many Divorces Stem from
and debts go hand-in-hand.Most couples
incur debt while they are together.In
fact, many divorces stem from financial issues.Even if you have no children together, debt can keep you tethered
together, until the financial issues have been resolved. So, what do you do to
take care of the bills, so your credit does not suffer and you can cut the tie
that binds you both?
in a community property state can make it difficult, if you both have incurred
debt.In short, you are both responsible
for the bills, and you both are required by law to pay your fair share.Unfortunately, you can also be stuck will
bills you may have known nothing about before the divorce.Your spouse may have opened a new account
without your knowledge, or he/she may have maxed out the credit card prior to
the divorce, simply hoping to stick you with the bill.
a divorce, financial responsibilities can really make an already stressful time
even more complicated.Your ex may not
be very concerned about paying off those businesses that have extended
credit.However, you do not want to see
your credit score plummet for the next 7 years.In addition, creditors are not bound by the divorce decree.So, if your spouse does not pay his/her
share, you may be the one to whom they come for resolution of the debt.
No.It is not fair!You have always been responsible, but now you
are really stuck.You may have to make
payments that belong to your ex, simply in an effort to protect your credit. Nevertheless,
you will have recourse, if the judge has mandated that the bill be assigned to
your spouse.You can save your receipts,
present them to the judge, and get a court order to have his/her wages
garnished, until his/her portion is paid in full.
if you have not been the beneficiary of the funds, if you and your ex have
opened a joint account, you are both equally responsible for the debt.For example, if you have a joint credit card
and your spouse decides to max it out, right before the divorce is final, you
will be responsible for your half. The best thing you can do is get your name off
these joint accounts as soon as you can-preferably before your spouse has a
chance to rack up even more debt, before the divorce is final.
an account has been sent to collections because your spouse did not pay for
something he/she is responsible for resolving, you should not pay it for
him/her.If so, you credit will
definitely be ruined for the next 7 years.If you have to pay, arrange for the account to be expunged from your
credit record, so you do not have to suffer the penalties for bad credit.
Getting Legal Help
you and your soon-to-be ex have incurred debt during your marriage, you should
seek legal counsel.Especially if the
debts have been incurred by your spouse, you are going to need all the help you
can get, in order to resolve these financial issues.You can be held responsible for accounts you
knew nothing about before now.You need
to do what you can to protect your credit standing and reduce the costs of your
liability, so you can truly cut the ties that bind.
You may contact us by e-mail, phone, or mail as follows:
The Corvisiero Law Practice, P.C. 275 Madison Avenue 14th Floor New York, NY, 10016 Tel: (646) 942-8396 Fax: (646) 217-3758 email@example.com