If youve recently divorced or are going through a divorce, one of the important issues that you should settle is how any joint debts are to be handled. This includes mortgages on a jointly owned home and any joint credit cards that you have. You also need to be aware of how failure to pay those debts on time will affect your credit rating even if your divorce decree states that you are not the party responsible.
There are two kinds of credit card accounts individual and joint and each is seen differently in terms of credit history. Dont assume that just because you have a credit card with your name on it the account was a joint account. The account holder of an individual account may designate authorized users and issue cards in their name, but the account holder is still the responsible party for the payment of the bill.
If you authorize a user on an individual account, the account may show up on both your credit report and theirs. If you have a joint account, it will appear on both of your credit reports. If you divorce, you are both responsible for any bills on joint accounts but you may also be responsible for any bills on individual accounts held by your...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
