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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 who help UK
homeowners find the best available loans via the www.directonlineloans.co.uk
website.
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