How does seperation/divorce effect spouce’s & my credit?

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My husband & I filed bankruptcy in 2004. We seperated in July 2007. In March of 2008, my father helped me buy a small children’s business for selling clothes, furniture, toys, etc.

I am hoping we will work things out & get back together. We have 3 small children. He says he is trying to repair his credit so he can buy a small place for him & us. He told me the other day the only way for him to repair his credit is to get a divorce. Then he said he could credit all day long if he uses my business. Then he went into this spill about how he had been talking with a lawyer & 50% of the business was his according to the lawyer, even if my husband says he doesn’t want it. He says our credit is still linked because we are still married & pretty much everything that is his is mine & everything that is mine is his.

Does he have rights to my business? (It’s not making a profit yet)

If they repo my husband’s car, will it go against my credit? (my name is NOT on the car)

2 Comments
  1. Reply
    celticbuddha
    June 26, 2011 at 11:27 am

    as far as the repo car, so long as you are not so much as a co-signer, than it is all on him.

    as far as your business, yes it is technically 50% his (depending on how your state splits things). you bought and established it during your marriage. unless you have legally separated and/or show plenty of proof as to your separation and the business having had begun during the separation.

    what his lawyer should be explaining to him is that, divorces actually cause even more damage to both parties credit. regardless of joint accounts, or debts accumulated during the marriage by either party.

  2. Reply
    Joy U
    June 26, 2011 at 12:04 pm

    You can use credit repair agency to fix your credit – for example this one – http://creditreport.fateback.com – They can clean lots of bad stuff from your credit report – and do it much faster than yourself, so your credit will go up fast.

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