Joint Bank Accounts and Divorce


Here 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:

John Mussi is the founder of Direct Online Loans.


More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Divorce Information:

Related Articles

Divorce and Separation - A Child's Perspective
It is always the children that suffer the most when a marriage breaks down and separation or divorce is imminent. Children of divorcing parents often witness arguments even rows and this has a strong effect on any child.
Divorce -Is It Lawful?
The question of divorce and its lawfulness is of long standing. The law-makers of our day have tried to answer the question.
Dating Tips for Divorced and Widowed Moms
Dating is tough for just about everybody, but it's even tougher for people who are divorced and widowed. Along with the fears of being "out of practice," there are often children's feelings to consider.
Four Tips to Save You Money in a Divorce Case
1. Have an Clear Written Fee AgreementMost experienced and effective divorce attorneys charge by the hour and require an advance retainer (or deposit) that is paid at the beginning of the case.
Houston Divorce Lawyer - West Houston Attorney Answers Common Questions About Mediation
If you are reading this, then you are probably either thinking of filing for divorce -- or have a feeling that your spouse may be filing for divorce -- whether you want to separate or not.One of the common questions that an individual going through the divorce process asks is "What is a Divorce Mediation?"Mediation is a process which allows both you and your spouse to maintain control over your destiny and the terms of your divorce settlement.
The Job of a Divorce Attorney
Marriage is a very solemn and serious chapter on any person's life. However, due to personal reasons, a couple may decide to call everything off and file a divorce.
Divorce and Uncle Sam: Top 10 Things You Should Know When Filing Your Taxes
1. What is my filing status? (Married, Single, Head of Household)Marital standing at year end determines your filing status for the entire year.
Extramarital Affair: Should You Get A Divorce Just Because One Of You Had An Extramarital Affair?
Having to deal with an extramarital affair can be a life-changing event, regardless of whether you stay married or not. Inescapable feelings can come over both people who live through an extramarital affair that will never be forgotten by either of them.
Why Standard Visitation Should NOT Be Standard
When a nuclear family separates, it usually separates into a "custodial" family and a "non-custodial" family. The custodial family is the parent with whom the children reside on a day-to-day basis.
Divorce--Overcoming the Obstacles to Agreement: Ten Steps
You're going to want to be working on your divorce agreement outside the legal system, because the things you can do to help yourself outside the legal system are far more effective than anything a lawyer can do for you.But please don't just walk up to your spouse and start negotiating.
Should I Get Divorced? Or Not?
No one besides you can determine whether or not a divorce is right for you! But, there are some general questions which pretty much apply to everybody. Thinking about the following issues may help you answer this question for yourself!What specifically is making you think of divorce?Physical AbuseIf your spouse is violent to you and/or your kids, this is a safety issue.
The Heart Moves On: Using Ceremony to Mark the End of a Relationship
Divorce or the end of a long-term relationship is a particularly difficult experience because it makes you deal with two different sets of issues.Issues of endings, separation, and letting go (disappointment, anger, sadness, fear and trying to achieve closure)Issues of acceptance, forgiveness, becoming open to new beginnings and new possibilities.
Stop Divorce: Should You Try To Stop Your Divorce If Youre Just Thinking About Getting A Divorce?
Thinking about getting a divorce doesn't necessarily mean that you should try to stop your divorce. Conversely, it could be wise to try to s top your divorce, only you know whether you should.
The Legal Side of Divorce
While divorce can be an emotionally draining experience, even in the best of situations, it can also be a complicated legal matter that affects both parties equally. No matter how long your marriage has lasted or how few belongings you share together, it is also best to involve an attorney in your divorce proceedings.
How To Protect Your Life Insurance Policy While Going Through A Divorce
Life insurance, more than most things you buy, relates to the circumstances of your life. You buy life insurance to protect your family from financial loss stemming from your death.
Healing Dysfunctional Families
In a recent article entitled "Some Evidence On How We Are Spiritually Connected" I reported on a case study that revealed how individuals who share common traumatic memories can help each other release the trauma at a distance employing a new tool called the Mind Resonance Process(TM). In this article I will elaborate some of the potential applications of such a result as well as its far reaching implications.
5 Ways To Ensure You Will Have a Happy Life After Divorce
Life after divorce is something that most people who are going through divorce think about. Thinking about having a life after divorce or thinking about how your life will be after divorce, are common because people tend to fear for themselves.
Marriage Seperation - A Practical Guide
Finance in marriage seperation is a very big issue particularly with regards to the mortgage and household bills. When marriage seperation is inevitable obviously both parties need somewhere to stay and often it can be quite difficult to sell one property and then try to finance two.
Top 5 To Dos Before Saying "I Do"
1. DO allow yourself enough time to make one of your biggest life-altering decisions.
Divorce: Secrets To Coping With A Divorce Announcement
During a wedding ceremony, when people are joined together in matrimony, they swear and vow to honor and respect each other and to remain partners both during good and bad times.But in most marriages, this is not always the case.