Excerpted From "The Survival Manual For Women In Divorce" and Excerpted From "The Survival Manual For Women In Divorce" and
"Survival Manual For Men In Divorce"
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DEBT AND CREDIT CARDS
Perhaps you've heard the horror stories. A man runs up thousands of dollars of debt on a credit card after filing for divorce - and his wife pays. Another spouse tries to avoid paying child support by declaring bankruptcy. Here, you'll find out what you can do about these and other marital debts.
Are debts incurred while we were married the responsibility of both of us?
Generally Yes.
What about debts that my spouse incurs after I file for divorce?
Generally you are responsible for debts he incurs until the divorce is final.
What if my spouse is incurring astronomical debt?
A second hearing can be held to release you from that debt. But if that debt is not paid, the creditors can come after you.
Should I establish my own credit?
Yes. If possible, this should be done while the marriage is sound.
If my spouse files bankruptcy after divorce, will he still have to pay me child support and maintenance?
Yes. Although bankruptcy can complicate matters, the law says that child support and maintenance are not dischargeable debts in bankruptcy.
© Carol Ann Wilson, Certified Financial Planner, and Edwin Schilling, III, Attorney at Law, Authors of "Survival Manuals"
