Why does divorce mess up peoples credit?

Answer 1

Basically when you get married you become one. Everything goes into both your names leaving both of you responsible. When you marry someone you take on that persons responsibilities and they take on yours. My husband and I were both married before we married each other and we have spent years trying to rebuild our credit. My ex husband wrote tons of bad checks on our joint account and his ex wife bought a car after they split up. Her brother posed as my husband and then she did not make her payments leaving a repo on his credit. When trying to buy our home we discovered this and luckily for him he was able to get it removed. I believe fraud charges were brought forth but no one even knows where she is. I don't know if she will ever pay for it and I don't really care. I'm just happy he got it taken care of. I hope you have a better experience than we did. Take care.

Answer 2

A few reasons:

One, when your personal life is messed up, finances tend to fall apart because you are preoccupied with your divorce.

Two, the spouse might stop pitching in on the payments, perhaps because they've moved out and now have their own new housing payment to make.

Three, spite. Sometimes a spouse will go buy everything they can on their credit cards, in hopes of leaving them up the creek after the divorce.

Four, legal fees in a divorce, especially if there's child custody to worry about, can be quite high. And your case doesn't get worked on unless you pay the attorney. So your money goes to the lawyer instead of the creditor.

Answer 3

Most debts are started using both peoples names so when one files for divorce and files bankruptcy it affects both parties. It is also a very costly thing to do because you have to take peoples names off and they look at that as a bad thing.

Answer 4

Basically because both parties want the furniture, the kids, the house and the cars, but no one wants the bills.

Answer 5

When you get one, you'll find out.