Divorce decrees, joint debts and assets. Who pays?
In divorce proceedings? If joint credit is primarily in your spouse's name, you may find it difficult to obtain credit alone.
Important things to know about divorce decrees & credit. A divorce decree can endanger credit, and joint debts remain joint debts. Re-assigning debt in divorce decrees does not relieve a spouse of debt responsibility.
If you cannot payoff debts, consider spouse debt negotiation.
Joint debts remain joint debts. Both spouses signed a legally binding contract with the creditor, and a divorce decree neither amends this contract nor relieves the creditor's investment in you. Amendment of any contract requires agreement by all parties, including the creditor, and proof of the amendment requires the signature of all parties. During a divorce, the creditors are not part of the divorce courts, and therefore the original agreements/contracts stand.
If you have a joint financial obligation with your ex-spouse, and your divorce decree states that your ex-spouse is responsible, and your ex-spouse is delinquent on paying, your credit as well as his/hers is affected. As is stated above, your legal responsibility for a debt does not go away because a divorce decree assigns responsibility for a debt to your ex-spouse. Along with a legal responsibility to pay comes the right of the creditor to report a debt delinquent on your credit report if it's not paid as agreed in the original contract.
Especially tragic are situations where one ex-spouse files bankruptcy and includes many joint debts in the bankruptcy. The spouse not filing bankruptcy is left holding the bag for these joint debts, and many times they're not notified of the ex-spouse's filing until months or years down the road when it's too late to correct the situation. So not only is the spouse who didn't file responsible for the unpaid debts and can be legally sued for them, but the non-filing bankruptcy spouse's credit is also ruined, something that cannot be corrected, as the credit bureaus have the right to report them delinquent.
The purpose of divorce is to split off emotionally and financially from your ex-spouse. If you aren't careful, your spouse's handling of your once-joint accounts can haunt for years. If you had joint debts which existed before your divorce, and these accounts are not both paid off and closed, you're just asking for trouble. Also, although some divorcing couples are definitely out to get each other, most problems with joint accounts prior to divorce are caused by ignorance, not malicious intent. Don't think that just because your split is amicable that problems can't occur. Taking precautions can protect BOTH of you. Order a credit report and review all outstanding debts.
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Debt
Sometimes
there is some emotional conflict when people try to decide which way to go about
paying down debts. They wonder if they should pay off bills with the highest interest rates first,
or pay off the smaller bills. Deciding to start with the smallest bills, can
help to get going on the task and be more motivated. There is a good feeling to
know one debt has been paid in full and something is getting accomplished.
Setting goals to get debts paid off, must begin with changing behavior. This
means spending money wisely. Knowing the bills must be paid is one thing, but
actually getting it done can be harder. By paying off a small debt, it may
encourage more good intentions to continue to get
out of debt.
To
get started, target one small debt and try to pay more than what is required
each month. Consider paying something weekly, in addition to making the regular
payment on time. It is surprising how you begin to see your efforts pay off.
Keep a list of the small debts and the order in which to pay each one in full,
and mark them off the list as it is done. Seeing the results of every small bill
paid, will be uplifting. Keeping the list with each debt scratched off, will
remind you how hard you have worked and how far you must go to finish the job.
Getting
into debt is fun and easy, getting out of debt is stressful and requires a plan
of action. Before spending one dollar, ask yourself if the expense is wasteful
and if you can live without spending your hard earned money. If the answer is
that you can live without spending the money, you will realize you now have more
money left to pay down more of the bills. Keep sending in money for bills and
keep getting closer to being out of debt. When help is needed, consider seeking
a professional for advice and debt
counseling.
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
Best High Yield Interest Rewards Checking Accounts. Find the highest yield interest rewards checking rates available.
What is a High Yield Interest Rewards Checking Account? High yield rewards checking accounts are becoming increasingly popular with smaller banks and credit unions. These checking accounts offer significantly higher yields if you fulfill certain monthly requirements. These requirements typically include:
* Around 10 debit card transactions (non ATM). There are typically no dollar requirements per debit card purchase.
* Direct deposit or auto debit. Any ACH transfer often satisfies this requirement.
* Electronic statements - They won't mail you a paper statement.
What's the catch? If you fail to meet these requirements, you won't earn the high yield for that month; instead, you'll default to the base interest rate which is typically under %1. As a result, these high interest checking accounts do require a bit of micromanagement to make sure that you get the yield every month.
The other catch for these rewards checking accounts is that there usually is a top limit to the amount you can deposit. Most banks set this limit at $25,000 - any additional deposits over $25,000 will earn a much lower yield.
One other bonus that these rewards accounts offer is refunds of ATM fees charged when you use another bank's ATM. You can usually get up to $25 per month refunded back into your account at the end of each statement cycle.
Given the requirements of these accounts, it is important to make sure you are on top of things. Missing out on a month of interest prove to be quite costly. The high yield interest checking account isn't for everyone, but if utilized correctly it can be a great way to maintain liquidity while earning a top rate of return on your money.
* FirstBank Checking
* KeyBank Checking Account
* &ING Direct Bank Checking
* Comerica Bank Checking
* Flushing Bank
* Incredible Bank
* Aurora Bank Checking
* Liberty National Checking
* MB Financial Bank
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Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
SHOULD I BUY TERM LIFE OR WHOLE LIFE INSURANCE - WHICH IS BETTER? No one life insurance product is better than the other and you'd be best served to talk with a specialist who can help you to determine what is best for you based on a variety of factors.
Whole Life is a far better choice than term - all other things being equal. Most Life Insurance Agents don't understand what they sell. Companies make much more money on Term Insurance as less than 2% ever pay off. Banks and Corporations buy tons of Whole Life but Banks sell term and want you to invest in their lousy investment products that pay minus 40%. They have done such a good job of selling this product that even most agents don't understand the products they sell.
Whole life, universal life, flexible,universal variable is all a RIP OFF. buy term & invest the difference is the only way 2 go. level term has no stipulations its exactly what it is. ive seen slick talking insurance sellsman selling people accidental insurance not really informing them that they have to die of an accident on the scene for the company to pay out.
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