If you think that there is even a remote possibility of a separation or divorce, get ready for an attack.
Your spouse has the ability to destroy your financial future and your credit. It can take years to get your credit back on track. If you have “blinders” on and don’t want to face this, you are sealing your own fate.
A few of the concerns that you should have, are fairly clear. Some are not so obvious and could catch you unaware.
A clear cut scenario would be one where the spouse, who was planning the divorce in advance, could charge up to the limit, on credit cards prior to separation. That becomes a marital debt and depending on your state you could be responsible for half. (This is true, even if the money was spent on a girlfriend of his!)
The next possibility is that, with advanced planning, your spouse could overpay the balances on his credit cards. If he has five cards and he overpays by a couple of thousand dollars for a few months, he’ll have a stockpile of money that is hidden from you.
Another deceitful ploy is to use joint credit cards to withdraw cash. The interest rates on cash withdrawals are outrageous. You might be responsible for a percentage of the debt because it occurred before separation. It is considered a marital debt.
In addition, there are now credit cards that may be purchased. Your spouse could take $5,000.00 out of your savings account before separation and “buy” a credit card, which in essence, is cash in his pocket and no longer in yours.
