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By John Mussi |
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Joint Bank Accounts and Divorce
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This is true even if a divorce decree assigns separate debt obligations to each spouse. Former spouses who run up bills and don't pay them can hurt their ex-partner's credit histories on jointly-held accounts.
Divorce : If you're considering divorce or separation, pay special attention to the status of your joint bank accounts. If you maintain joint accounts during this time, it's important to make regular payments so your credit record won't suffer. As long as there's an outstanding balance on a joint account, you and your spouse are responsible for it.
If you divorce, you may want to close joint accounts or accounts in which your former spouse was an authorised user. You can also ask the creditor to convert these accounts to individual accounts.
The creditor can require you to reapply for credit on an individual basis and then, based on your new application, extend or deny you credit.
You may freely reprint this article provided the author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the k website.
Article Source : www.womenbrands.com
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