A Common Mistake Made in Marriage That Can Add To The Difficulties Of Separation

In a perfect world, divorce rates would be miniscule. This however, is not a perfect world. One mistake that can truly come back to haunt you while trying to rebuild your life as a newly single, is not having kept any credit in your own name during your marriage.

Once married, it is easy to make the mistake of getting a joint credit card or two and maybe disposing of the one/ones you held in your name before marriage. Once you separate, you have to close those accounts. Throw in the vehicles being in your spouses name and maybe a mortgage being discharged with a buy out or sale of the home, and guess what? You are left with no credit.

I found this out when starting my separation process and went to the bank for information on my financial situation the date of my marriage. It was 10 years previous and the woman at the bank told me they don't keep records for that long. I asked her what do women do that have been married for 25 years? She told me the usual complaint isn't that but that all of the credit cards were in their husband's name and now they are left with no credit. I hadn't even thought about that.

So, to both parties in a marriage, make sure you have a credit card, car loan etc in just your name. Joint everything will leave you to now acquire new credit.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Blog Archives