Divorce and Credit-Myths Exposed

Let’s face it, a divorce is not a pleasant topic. How are the kids going to take it? Who is getting the dog? Who is paying the credit card bills? This last question can become very sticky in a divorce. You need to understand, a divorce decree doesn't change the fact that you are responsible for any credit held jointly.

The divorce decree is another binding agreement between two people who consent to leave each other. It doesn't matter who agreed to pay what in the divorce. And it certainly doesn't matter to the creditor that you're getting a divorce. A word to the wise, don't sign a divorce petition until everything with your jointly held credit is worked out. An irresponsible or vengeful ex-spouse can wreak havoc on your credit rating for years after a divorce. It's legal harassment for sure
Bottom line, do not sign a divorce decree until all credit matters are resolved. What I've gleaned from divorced couples I've talked with is that they believe signing papers at the lawyer's office resolves everything. If you plan ahead and pay close attention to credit accounts held jointly, you can ensure that your credit reports and FICO credit scores won't get damaged any worse. This is something that your divorce attorney will never tell you about. When you're married, it's often easier to just make all accounts joint accounts. The creditors of jointly held accounts that your spouse filed bankruptcy on will come knocking on your door for payment...and eventually may push you into filing bankruptcy (if you haven't already) regardless if the debts that the spouse filed on were in the divorce decree.

Here are some credit tips to help you through a divorce:
1. Close joint accounts before you separate or divorce to prevent your former spouse from running up charges and leaving you responsible for the balance. Some financial institutions will require the primary account holder to close the account.
2. Establish separate accounts, such as credit cards, gas cards and retail cards. This ensures that both parties are individually responsible for their own accounts, which is valuable in a divorce. Online divorces are not designed for these types of complicated situations. If your divorce is headed in that direction, get a lawyer.
3. Online divorces cater to uncontested cases. An uncontested divorce is when both parties are in agreement and have chosen to split amicably.

Why use online divorce services and is it legal?

One of the benefits to enlisting an online legal or divorce service is the cost. A typical online divorce preparation service filing an uncontested divorce with no children is about $300, apposed to about $2200 an attorney would charge for the same forms and services.

Most online divorce services will use an interview style questionnaire asking the filer about the details of their divorce situation. Those filing an uncontested divorce can still request child support, custody and alimony. When the interview is completed and paid for, the answers are sent to the divorce service to prepare the paperwork in its state specific forms.

Free Article Source: http://www.za77.org

Robert Barr is a staff writer for www.divorce-advice.info

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