responsibility for debt

[Kay]

Been married 4.5 years. Husband decided to show his true self right after our marriage. He can't be trusted, is verbally abusive, etc. We moved to FL 2 years ago from NY for his job transfer which brings him back to where he grew up. I left my job there and started over. I am nearly 50. We have a 3 year old child. My support system (including young adult children) and previous job are in NY. We have a lot of debt and, though husband pays beyond minimum of bills, he also causes bigger debt by charging big things ($1600 charge, for example, on something he didn't even discuss with me). He keeps trying to get big boat and truck loans and is denied... luckily. But I am afraid I will come home one day to find a big boat in our yard. He is very controlling of money and I get little to spend. I'm about to open my own account and have my pay go there. What can I do to prevent him from adding to our debt prior to divorce and can I arrange for him to pay 2/3 of all remaining debt and 2/3 of divorce costs since he makes 2/3 of our family income? I'd like to pay down debt over the next 2 years before filing... but not sure I can hold out that long. Thanks for any information.
Kay

[Kay]

Because my husband still owns a house with his ex AND his credit rating was poor, much of what we have was put in my name only. Example - he had a car (from before our marraige) worth far less than what he owed on it and rolled that into new car purchase. I was not present for the details of this buy but showed up in time to sign the paperwork... only to then find out I was the only one signing because of his poor credit. Now the car payments are 650 per month for another 2 years!! We own one other vehicle which was mine before marriage and we owe nothing on it... but it is starting to fall apart from him driving it long commute to work. Other things are in my name only as well. Though I know paying off these debts gives me better credit rating, I fear that I will be held solely responsible for these things that are in my name only. Would I be? If that debt falls solely on me, I wouldn't even be able to afford a dumpy place to live in with my son if I left my husband.

[Attorney Howard Iken]

The additional joint debt only stops after you file for divorce or physically separate. Because you are making a decision to stay together as wife and husband - the law assumes any new debt is a marital decision.

Yes, debt in your name will be a problem for you later on. The debt is marital and therefore 50/50. But the practical side is that creditors will look to you when the debt is in default.

Depending on your income a Chapter 7 bankruptcy may help - after you file for divorce. That would erase some, if not all of your debt. Of course it wont be helpful to your credit rating. But that is relatively temporary. You should visit one of our offices for a planning session.


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