When my wife defaults on her rediculous credit-card charges, not if but when, will our joint bank account be attacked and plundered by credit cards and department stores?
I desire cogent answers; this is serious.
2006-08-03 17:13:40 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
as long as her name is on the account, yes.
2006-08-03 17:17:45 · answer #1 · answered by cynthetiq 6 · 0⤊ 0⤋
Will your joint bank account be "attacked and plundered by credit cards and department stores?"
You mean the entities who are trying to get back the money it cost them to provide the woman you married with the goods she walked out with? Excuse me?
They have every right to recoup what would otherwise be losses for which they are not responsible. If your next door neighbor stole your car and you went over to retrieve it, would his wife have the right to complain because you went onto her property? I think not.
Face it -- your joint bank account is hers as well as yours and it will be theirs unless you do something to stop her from spending what is both your money.
2006-08-04 00:26:20 · answer #2 · answered by CarolO 7 · 0⤊ 0⤋
yes, it is a joint account, so with her name on there, any of her creditors will come after the account no matter who's name is on it. You need to open an account in your name only, and put your money in there, and don't give her access to it. If they seize the joint account, there will be a hold put on all money in there,a nd they can take out their share and there is no way to stop them. They will not even give you any warning that the account has been seized, you will think there is money in there and there won't be. I went through this with my ex and it was no fun. he even drained the account after the divorce and I could not do anything because his name was on the account. Open Your Own Account!!
2006-08-04 00:22:43 · answer #3 · answered by Just Me 6 · 0⤊ 0⤋
Before they can seize your bank account, they have to sue you and get a judgment against you. Before that all happens, they'll spend several months harrassing you by phone and letters....and tacking on more chrages. It won't be immediate that they would seize your bank account, but they can eventually. They'll send your account to a collection agency after they're tired of harrassing you and then the collection agency will start their harrassment. Then, you'll get a visit from the sheriff with a lawsuit. That usually will happen several months later, maybe even up to a year later. Red Rover is right, if you can, take your wife off the account and you won't have toi worry about them doing that!! Do it to protect yourselves!
2006-08-04 00:21:55 · answer #4 · answered by First Lady 7 · 0⤊ 0⤋
It's simple. Yes.
Joint bank accounts share joint responsibilities and liabilities.
Better cut up those cards pronto.
2006-08-04 00:24:40 · answer #5 · answered by kako 6 · 0⤊ 0⤋
Creditors would need to take legal action to place any liens on that account. But they could unless the account has special provisions that make it less than truly joint. Now is the time to restructure that account!
2006-08-04 00:20:19 · answer #6 · answered by Grist 6 · 0⤊ 0⤋
That's the fun of being married and establishing joint accounts. What's mine is mine, and what is yours is mine. Your joint assets can be requested settle debts incurred in her name. Sorry.
2006-08-04 00:22:50 · answer #7 · answered by Freddie 3 · 0⤊ 0⤋
i dont think you should stick your bank account in your joints or yeah.. you should cus when someone considers you the game in hunting trip.. then.. THAT WOULD BE FAIR GAME!!!!! YAY!!!!
2006-08-04 00:17:55 · answer #8 · answered by tacks_in_my_arm 2 · 0⤊ 0⤋