Financial Help & Advisors
If you are contemplating divorce, if you are sure that you will be pursuing a divorce, or if you are ready to begin a divorce, Attorney Kathleen Reiley can help you protect your financial health. Even if you move out of the family home, until such time that a legal separation is ordered by a court, the financial obligations of the marriage upon each spouse remain unchanged.
If I am separated from my spouse, and my spouse runs up a huge credit card debt, am I responsible for that debt?
Potentially. Seek advice from an attorney who can go over all of your facts.
If I am legally separated, and my spouse fails to pay credit card debt, will it be reflected on my credit reports?
In most situations, until you are divorced, and then sometimes even after divorce, credit bureaus will report married person's debts. Sometimes if a debt is titled only in one spouse’s name, a credit agency will not get it on the other spouse’s report. This is a complicated area of law and sometimes requires a person to consult with a bankruptcy attorney.
In part, Wisconsin law was created to provide both spouses with the benefit (or the detriment, as the case may be) of credit reporting
My spouse and I are separated. Can my spouse take out a loan without my knowledge?
Under Wisconsin law, if your spouse takes out a loan during the marriage, then the company providing the funding of that loan is required to notify you that a loan was made. The same applies to credit cards. However, if you have moved from the family home, which occurs with a legal separation, and if you did not enter a change of address, then you may not receive the notice. The notices are mailed to the same address as the spouse absent any other notification. This does not take into account the spouse who intercepts the mail.
Home Mortgage Loan
My spouse and I purchased a home, which was awarded to me in the marital settlement agreement. The loan is in both of our names. Can I just send the marital settlement agreement to the mortgage company and have the mortgage changed to my name?
No. A marital settlement agreement is an agreement between two spouses regarding their property. It is not an agreement with the mortgage company. When you purchased your home, you and your spouse made an agreement with the mortgage company to pay them a sum certain with interest. Not only did your mortgage agreement precede your marital property settlement agreement, but your agreement with your spouse does not affect an agreement made by and between you (as a couple) with the bank (as a commercial lender).
Your marital settlement agreement or the judgment after trial should take into account how the note and mortgage on the real property shall be paid and put into the name of the party awarded the property.
Call Attorney Kathleen Reiley (608-246-8309)
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Reiley an email.