If you've signed any papers or your name is on any documentation, then you could be liable to pay for debts that your ex-spouse owes.
My husband and I have decided to divorce after 20 years of marriage, and I'm wondering about our joint finances. When should we separate our joint bank and credit-card accounts? Should I apply for my own credit card? And if one of us were to run up large balances on the joint credit cards, would both of us be responsible for paying them?
4 things to do to avoid having liabilities for debts your ex does not pay after your divorce is finalized. Regardless of what your divorce decree say, unless you take action, you may be held responsbile.
Almost all debts accrued during your marriage are community-property debts, and this means that your spouse refusing to pay one could result in a creditor at your door.
Generally, if the debts were acquired jointly, even if the divorce decree requires him or her to pay them, the creditors are not bound by the decree.
If you earn more than your spouse you may be end up with paying off slightly more of the marital debt than they are.In New Jersey, the Equitable Distribution Criteria describe the factors that must be considered by a court, each party, and their attorneys.
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The seminar address the issues of dealing with debt when it is out of your control. …
Divorce is a difficult enough financial time without having to add debt to the mix. Follow these 3 steps to keep your finances safe and in order.
Often people think that only low-income families have debt issues,; in fact, many high-income-earning couples accrue significant debt as well.
Since we first launched in 1996, the mission of this website has always been to help our readers make their divorce more civilized, amicable, and transformational. If you'd like to offer expert advice, useful information, or support to those who are considering divorce, separated, or already divorced, there are two ways you can contribute content to us:
If you'd like to offer expert advice, quality information, or support to those who are considering divorce, separated from their spouses, or already divorced, there are two ways you can contribute content to this website: