Marital Issues With Credit
Since credit is so easy to obtain in today’s world, often at a moment’s notice, it could create unexpected liability for married individuals. In some cases, whether you are aware of a spouse getting new credit or not; whether it’s a joint account or not; you could be liable for your spouse’s debt.
For those of you who are married, even if it’s blissfully, you should investigate the laws in your state governing the debt of a spouse. You may be the most financially prudent individual on earth, yet if you are married to someone who isn’t, you could experience debt and/or credit issues as a result. Even if you aren’t on your spouse’s account.
In some limited situations I am aware of here in Virginia, a husband or wife opened one or several credit card accounts without their spouse’s knowledge. When divorce proceedings began, the unknowing spouse discovered that they were responsible for half of the debt incurred………..despite the fact they weren’t on the accounts and were not even aware they existed.
I have worked with many mortgage clients who have experienced credit difficulties as a result of the poor financial habits of their former spouses. It is, therefore, in each individual’s best interest to learn what, if any, responsibility s/he may have if a spouse incurres credit card or other debt. Learn what liability you may have and find out what measures you should take to protect yourself and your credit.
Marriage is a challenge in the best of circumstances. Divorce is devastating on any level, but if financial and credit problems are also present, it is only more so. Forewarned is forearmed. Find out before there is a problem where you would stand legally. If necessary, seek advice from a professional source to ensure you understand not only your rights but your potential liabilities.
This information should not be substituted for the professional, tailored opinion of a lawyer, a financial advisor, and/or other trained and/or licensed professional in your jurisdiction. Please seek the appropriate source to handle any legal, credit, or other issue.