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Joint debts remain joint debts.

Both spouses signed a legally binding contract with the creditor, and a divorce decree neither amends this contract nor relieves the creditor’s investment in you. Amendment of any contract requires agreement by all parties, including the creditor, and proof of the amendment requires the signature of all parties. During a divorce, the creditors are not part of the divorce courts, and therefore the original agreements/contracts stand.

If you have a joint financial obligation with your ex-spouse, and your divorce decree states that your ex-spouse is responsible, and your ex-spouse is delinquent on paying, your credit as well as his/hers is affected. As is stated above, your legal responsibility for a debt does not go away because a divorce decree assigns responsibility for a debt to your ex-spouse. Along with a legal responsibility to pay comes the right of the creditor to report a debt delinquent on your credit report if it’s not paid as agreed in the original contract.

Especially tragic are situations where one ex-spouse files bankruptcy and includes many joint debts in the bankruptcy. The spouse not filing bankruptcy is left holding the bag for these joint debts, and many times they’re not notified of the ex-spouse’s filing until months or years down the road when it’s too late to correct the situation. So not only is the spouse who didn’t file responsible for the unpaid debts and can be legally sued for them, but the non-filing bankruptcy spouse’s credit is also ruined, something that cannot be corrected, as the credit bureaus have the right to report them delinquent.

The purpose of divorce is to split off emotionally and financially from your ex-spouse. If you aren’t careful, your spouse’s handling of your once-joint accounts can haunt for years. If you had joint debts which existed before your divorce, and these accounts are not both paid off and closed, you’re just asking for trouble. Also, although some divorcing couples are definitely out to get each other, most problems with joint accounts prior to divorce are caused by ignorance, not malicious intent. Don’t think that just because your split is amicable that problems can’t occur. Taking precautions can protect BOTH of you. Order a credit report and review all outstanding debts.

Tip! Getting the house in the divorce is not always a good deal. Women often want the house in the divorce because they are raising a family in it or have decorated it and are emotionally attached to the property.

You may order a free credit report copy at www.creditfederal.com/credit-report.html

Article by Toni Phelps of CreditFederal.com. More information about credit after divorce: joint mortgage loan, joint auto loan, and joint credit cards

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As divorce rates continue to rise, more and more children are growing up in a single parent household. Despite the fact that a divorce legally separates the parents from one another, it is important that both remain active in their child’s life. Because the welfare of a child becomes the focal point of all child custody cases, it is essential that you hire a qualified divorce attorney who specializes in this area and will work hard to see that the child’s best interests are met.Current divorce laws differ from one state to the next, but there are several basic guidelines that each follows in an effort to achieve a fair custody arrangement for all involved. An experienced divorce attorney will be able to answer any questions that you may have regarding local child custody laws, divorce laws and how to prepare for your case.Child custody may be granted to either spouse but, in most cases, joint custody is sought and approved for those capable of sharing the responsibilities and decision-making aspects of parenthood. Under these circumstances, it is important to understand the different types of child custody and what they mean to you. Temporary custody, […]

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