Who is responsible for credit card debt after divorce?

Who is responsible for credit card debt after divorce?

For instance, if your name is still on the credit contract then, even though you are divorced, you are still responsible for the debt regardless of what the divorce decree states. It’s important to understand that a divorce decree only spells out who is supposed to pay the debt. It does NOT legally change who is responsible for the debt.

How does your partner’s debt affect your credit?

Creditors may choose to look up your partner and their history could affect any future credit applications. Should you or your partner have a wobbly credit history it might be best for you both to keep your finances separate and work on rebuilding the credit file in need.

What to do if your ex partner owes you money?

Explain that the debts are not yours and that your ex-partner no longer lives at this address. If creditors continue to chase you for debts that aren’t your responsibility then you could ask the credit reference agencies to unlink your names on your credit record.

Can a partner be held responsible for a shared debt?

For the most part, you can only be held responsible for debts that are in your name or held jointly in your name – so if you have a shared credit card or bank account with an overdraft then you should check the balance regularly.

In California, assets and debts are generally owned by both spouses equally. During divorce negotiations, you’re each entitled to one-half of all marital property and liable for one-half of all marital debts.

Who is responsible for ex husband’s or ex wife’s debts?

Ex-spouse Debts : Whether you are responsible for your ex-husband’s or ex-wife’s debts depends on the circumstances surrounding the issue, your state law and perhaps most importantly, who signed the credit contract. For instance, if your name is still on the credit contract then,…

What to do if your ex spouse opens a credit account for himself?

Thus, if your ex-spouse is using your information or your children’s information to open credit accounts for himself, he is guilty of identity theft. Contact your local police and your state’s attorney general regarding identity theft.

Why is my ex husband not paying my car debt?

The ex-husband claims that the debt is not his because his ex-wife got the car and the payment in the divorce. The collector says it is the ex-husband’s responsibility and will pursue legal action if he does not pay up.

Can a judge order a former spouse to pay a credit card debt?

No matter where you live, division of debts may be less than straightforward. In both community property and common law states, even when you are not contractually liable for your former spouse’s credit card debt, a judge may order you to pay a portion of it, particularly if the debt was incurred for items necessary for the household.

Can a spouse be held liable for your credit card debt?

Under certain circumstances, you can be held liable for your spouse’s credit card debt. Whether you may be on the hook for your spouse’s credit card debt depends on: where you live. whether it is a joint credit card. whether you are a cosigner, and. whether the debt was assigned to you in a divorce proceeding.

What did my ex husband charge to my credit card?

He even took out a credit card in my name and charged $70,000 on it. He retired early from a professional job to run his store. I agreed to never seek his retirement in our divorce settlement. It would have decreased substantially, as he retired six years before he was eligible (it was an early out option).

Ex-spouse Debts : Whether you are responsible for your ex-husband’s or ex-wife’s debts depends on the circumstances surrounding the issue, your state law and perhaps most importantly, who signed the credit contract. For instance, if your name is still on the credit contract then,…

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