civiltongue said:
What is the name of your state? CA
My wife & I have some high-limit credit cards with zero balances owing. Must we close them as we divorce? If we don't close them, is there a way to become individually liable for them, rather than "joint and several"?
My response:
I always advise the closure of joint accounts. This is a "safety measure." If that can't be done, for whatever reason, at least have the creditor remove one of the names from the joint account, and open a new account in that person's name only.
Once a Petition for Dissolution has been filed, all charges made to the joint account belong ONLY to the person that created the charge - - with the exception of charges to the account that are made for "the necessities of life."
The reason why I advise closure of the account, is that while the Dissolution process is happening, and while the law says that all charges are the separate debt of the charging spouse, you have to remember that the creditor is NOT a party to the Dissolution, and during the Dissolution process, will expect to be paid no matter who creates the charge. Some spouses rack up huge charge bills, which ruins the credit of the other spouse. The creditors don't care. All they know is that they have a contract signed by both of you, and they will come hunting for either or both of you.
IAAL
