Welcome to Why A Divorce
Divorce Lawyers Los Angeles Article
For a permanent link to this article, click here.
Joint Bank Accounts and Divorce
from: John MussiHere are some useful tips on joint bank accounts and divorce. If you've recently been through a divorce - or are contemplating one - you may want to look closely at issues involving joint bank accounts.
Joint Bank Account: Your income, financial assets, and credit history - and your spouse's - are considerations for a joint account. No matter who handles the household bills, you and your spouse are responsible for seeing that debts are paid. A creditor who reports the credit history of a joint account to credit bureaus must report it in both names.
An application combining the financial resources of two people may present a stronger case to a creditor who is granting a loan or credit card. But because two people applied together for the credit, each is responsible for the debt.
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:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
Divorce Lawyers Los Angeles News
Melanie Brown Slams Split Rumor for the First Time
The former Spice Girls star debunks report that she and producer husband Stephen Belafonte were heading to divorce, saying 'These rumors get spread and snowball. We are far from getting divorced.'
Read more...Jamie McCourt wanted to be president of the United States?
Jamie McCourt, top, and Frank McCourt, bottom, arrive at the courthouse in LA If yesterday's opening arguments are... United States - Jamie McCourt - Los Angeles - Los Angeles Dodgers - Frank McCourt
Read more...McCourts each express disbelief over the other's interpretation of agreement
Frank McCourt leaves after the first day of the divorce proceedings with a member of his legal team (left) as Jamie McCourt heads from the courthouse on a lunch break Monday in downtown Los Angeles.
Read more...Frank McCourt's sentimental moment on the stand
Deep into a divorce trial that will determine whether his ex-wife, Jamie, gets half of the Dodgers, McCourt reflects.
Read more...McCourt says he took out Dodger loan to help wife
Frank McCourt, who is battling his estranged wife for ownership of the Los Angeles Dodgers, testified Friday that he took out a $60 million loan on land around the team stadium to help her pay off debt on her palatial homes.
Read more...