Some advice for separating couples

[Lisee321]

Ok here is some advice for separating couples. Please don't think any of this is too harsh. I have worked in the banking industry and see too many things go wrong that could have been avoided early on.

When separations (business and relationships) start, people try to do the right thing, but as it lengthens, too many people resort to petty paybacks. This is how to avoid some more grief.

1. Cancel all credit cards, or take any secondary card holders off the account. (you need to cancel the secondary cardholder in writing to your credit provider - keep a dated copy of the letter).

A secondary card holder is never liable for the debt on a credit card. If your separated spouse or business partner has a secondary card on your credit account, they can happily run up thousands of dollars in debt they are never liable to pay. Think about it.

Sure you can chase them for the money through the civil courts, but why not prevent it early?

2. Close all joint accounts, including savings accounts or remove your name from the account.

To take your name off a joint savings accounts, generally needs permission from the other account holder. Do it early to avoid nasty scenes later on - particularly if the account gets into trouble. As a joint account holder, you are liable for half or all of the debt - even if you didn't spend the money.

3. Keep an eye on joint investments until settled.

If you and your separated party have a mortgage for example, keep an eye on it to make sure payments aren't being missed by the other party. The bank will not care if you have been paying your half - they will foreclose anyway.

[Calypso]

This is excellent advice! More people, especially woman, need to read articles that are exactly this blunt. I try to be pretty savvy about these issues and I'm not sure I would have thought of cancelling a secondary cardholder!

[nangel78]

This is good advice. Thanks for sharing that information. A lot of us do not think we will have to go through something like this, but at times may have to at some point.

[littlecat123]

This is really excellent advice. People don't think that their spouse would screw them over, but they will! Especially when they are separating.

Definitely protect yourself and your assets!

[finvik]

Great advice. it is really needed, because at the time of divorce the relations sometimes become so strained and the enimosity level is so high between individuals that it becomes difficult to show mercy on each other. so its better to take some precautionary measures
Vik