Nolo's Essential Guide to Divorce - Emily Doskow [23]
If your credit cards have balances, acknowledge that in the letter and ask to close the account for new charges, leaving it open for hilling purposes until you have paid them off. Also, acknowledge that they may not be willing to close the account just on your sayso-they may want both owners to confirm before actually closing the account-but insist that your relationship with the account is terminated.
Taking control of your financial situation. Divorce & Money: How to Make the Best Financial Decisions During Divorce, by Violet Woodhouse (Nolo), has more about debt and credit issues in divorce, as well as general financial advice.
Solve Your Money Troubles: Get Debt Collectors Off Your Back & Regain Financial Freedom and Credit Repair, both by Robin Leonard (Nolo), offer very useful general credit and debt advice.
Other resources are listed in Chapter 16.
Sample Letter Closing Credit Account
Get Your Own Credit Card
If all you have is joint credit, get yourself a credit card in your own name immediately. And know that your ability to get new credit cards, rent an apartment, take out a mortgage, and more all depend on the information that's stored in your credit report. It's a good idea to get a copy as soon as you separate, so that you'll know what kind of credit you have on your own. If you and your spouse own everything jointly, your credit will be tied to your spouse's. If you've had some joint and some separate accounts, you'll have an easier time getting credit on your own because you'll have your own individual records.
Each major national credit bureau-Equifax, Experian, and Trans Union-must, under federal law, give you one free copy of your credit report each year. The federal Fair Credit Reporting Act requires this.
How to Get Your Free Credit Report
You can order a copy of your report by phone, online, or mail.
877-322-8228
Annual Credit Report Service
P.O. Box 105281
Atlanta, GA 30348-5281
You must provide your name, address, Social Security number, and date of birth when you order. You also may be required to provide information that only you would know, such as the amount of your monthly mortgage payment.
If you want additional copies of your credit report within a year, or you need to correct information in your credit report, you'll probably need to contact a credit bureau directly.
How to Reach Credit Bureaus
Make Temporary Agreements About Support
You and your spouse also need to think about temporary child and spousal support. The decisions you make now need not be set in stone. Your main goal is just to make things work so that you can manage your day-to-day life and prepare for the decisions to be made later when you finalize your divorce.
If you're the person receiving support, don't sell yourself short in terms of what you need. And in your agreement (discussed below), spell out how well the temporary support actually meets your financial needs.
If you've been supporting the family, you'll do everyone a favor if you voluntarily keep supporting them while the divorce is pending. If your spouse has to go to court to get you to pay, you may well end up paying the lawyers' fees for both sides, in addition to being ordered to pay support. If you're not sure how much you should be paying, or if you think what your spouse is asking for isn't fair, use one of the support calculators listed in Chapter 8 to get a general idea of what your local court might order, and agree to pay that amount.
Whatever you and your spouse agree to about your finances at this early stage, write it down. And make sure you state that the arrangements you're making are temporary and subject to change. This is especially important when it comes to child