Divorce and debt
Dealing with joint credit accounts
can add to the headaches and heartbreak
of divorce. But there are a number of steps you can take right now to avoid
many hassles down the road. Keep in mind that a divorce decree alone has no
impact whatsoever on your joint accounts
- including credit cards
car loans, home mortgages
and lines of credit
. Why? Joint accounts
mean joint liability. When you obtained a joint credit account, you and your
spouse agreed you would both be responsible for paying the bills. In other words,
you're both responsible for the debt
you incurred during the marriage.
And if one of you defaults, creditors
will pursue the other.