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Going Through A Divorce

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On a very general level, there are two kinds of credit accounts. There are individual credit accounts and then there are joint credit accounts. Knowing how each works can save you money and perhaps some hardships later on.

Normally, when you fill out an application for credit, and this can be for any type of credit from auto loans to home loans, the application will ask if you want an individual account or a joint account.

When decide on an individual account only your income, credit history, and assets are taken into account. By that same token, only you are held responsible for paying the loan back. It does not matter if you are married or single, you will be held responsible for the loan payments. Under this type of agreement, you may elect to add someone to the account as an authorized user, which means they can charge on the account, but that does not release you from sole responsibility for the account.

An exception to this is if you live in community property state. These states are currently: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In these states both you and your spouse may be held responsible for any debts incurred during your marriage, and the individual debts of one spouse may show up on the credit report of the other and vice versa.

With a joint account, your income, assets, and credit history along with your spouse's are both considered when lenders decide to give or deny a loan. You are both responsible for the debt. The up side to a joint account is it often gives you and your spouse a better looking financial picture, especially if you have two incomes.

The down side to a joint account is that 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. Many consumers do not know it but former spouses who run up credit bills and do not pay those bills can harm their ex-partner's credit history on jointly-held accounts.

If you or your spouse is considering divorce or separation, you should both pay special attention to the status of your credit accounts. During the proceedings, it is important that the bills be paid on time because to ignore them may hurt your future credit as well as your spouse's future credit. It is very important to remember that as long as there is money owed on an account you and your spouse are responsible for paying it.

When a divorce takes place, it usually best to close joint accounts or accounts in which your former spouse was an authorized user. This is the best way to avoid future problems should your spouse decide to use the account.

You should also know that by law, a creditor cannot close a joint account because of a divorce, but can do so at the request of either spouse. A creditor is not required to change joint accounts to individual accounts. The creditor can require you to reapply on an individual basis and then extend or deny you credit based on the new information that you give about yourself.

Going Through A Divorce

What are these signs?

1.A relationship that is characterized by numerous arguments and conflicts that are disruptive to the emotional status of family members

2.A relationship which is saturated with strain, bitterness and tension just below the surface

3.When the talk of separation causes fear and anxiety in family members which significantly degrades the quality of daily life

4.The childrens uncertainty and worry about which ones will remain in the family home and which ones will re-locate

5. Children experiencing excessive stress, agitation, acting-out or conflict about being separated from a parent or sibling

6. Parents who should be separated but are still living under the same roof because of logistical or financial problems, thus causing increased coldness and estrangement in the home

7. Conflicts, arguments and frustration caused by a seriously compromised lifestyle engendered by financial stress caused by the expense of operating two households

8. Symptoms of acting-out, depression, anxiety, fear, rage, substance abuse or poor school performance in family members

9. Anger, bitterness, arguments and frustration caused by having to accommodate new step-parents, step-children or step-siblings

10. Child management and discipline problems that result from single parenting or lack of cooperation from the ex-spouse

11. Children that appear to be experiencing some guilt or anxiety for the marital failure

If you experience any of these issues, you can benefit from counseling. But if you begin, what can your counseling accomplish? How will it benefit you?

1.You will learn how to nurture your kids and reassure them that they are still loved and not responsible for the marital discord.

2.You will learn to develop flexible living arrangements that meet your kids needs.

3.If you and your partner are still living together, practical and clear guidelines will be set-up to keep the situation from getting more toxic.

4.You will discover how to integrate new additions to the family resulting from remarriage or cohabitation.

5.You will develop a plan for cooperative parenting that keeps you and your former spouse on the same page so conflicts can be minimized.

6.Your children will learn to accept the break-up as independent from anything they have ever said or done.

7.Your therapist may prescribe daily affirmations or motivating thoughts so that your subconscious mind really believes that you do not have to worry about the separation. When your subconscious believes it, your everyday mind will follow and the anxiety will disappear

10.The therapist may prescribe some articles or books for you to read about surviving divorce and ask that you select relevant concepts to discuss in your counseling session.

11.Your therapist will likely help you to develop an awareness of your fear of independence triggers and constructive ways to manage them.

12.You may be asked to write about how your unsatisfactory marriage contributed to your anxieties and those of your family members and how your divorced state may enhance your emotional recovery and that of your children.

13.Your therapist will assist you in developing insight into any personal or career changes that may be needed in order to maximize the success of your newly separated living situation.

15.You may be encouraged to increase your awareness of how your upbringing may have affected the way you behave in relationships. Often a traumatic past may linger or even lurk into your present, thereby encouraging a pattern of dysfunctional relationships.

16.In helping you to manage a traumatic past, your therapist may help you identify the role you played in your family of origin, the feelings associated with it and the way it may impact your current or future relationships.

17.The therapist may help you to identify self-defeating patterns relevant to the way you operate in relationships and suggest ways of modifying them so they are not repeated.

18.You will identify sources of ongoing support and reassurance to help you in effectively curtailing and managing your anxiety about starting anew.

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About Author

Both Peter Kenny & Dr Mike Shery are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Peter Kenny has sinced written about articles on various topics from Credit Cards, Finances and Best Money Market. Peter Kenny is a writer for The Thrifty Scot, please visit us at and. Peter Kenny's top article generates over 368000 views. to your Favourites.

Dr Mike Shery has sinced written about articles on various topics from Cure Anxiety, Cure Anxiety and Family. Dr Shery is in Cary, IL, near Algonquin, Crystal Lake, Marengo and Lake-in-the-Hills. He's an expert marriage counselor and psychologist. Call 1 847 516 0899 and make an appt or. Dr Mike Shery's top article generates over 9900 views. to your Favourites.

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