Repeat after me: Just because I have available credit, doesn't mean I should use it. This statement is remarkably similar to: Simply because I have checks in my checkbook doesn't mean I have money in the bank. Thank you for indulging me. Here in the Trenches, more often than not we are not arguing about who gets to keep what they own, but rather who has to keep what they owe. The amount of debt some people have managed to amass is truly mind boggling. If I had the debt of some of my clients, I don't think I could sleep at night. Here's the scoop on debt here in Maryland. If it's in your name, it's yours. Unless you used the credit to purchase your house, pay for renovations to the house, or buy a car or a boat or that Picasso over the fireplace, the court can't do anything about the debt. Sure, the court can take it into account when fashioning an equitable division of the assets, but chances are, it won't do much about it unless one party did something truly dastardly to obtain or use that credit. Moral of the story is to be very careful when you open or use credit, or when you give anyone permission to use your credit. Today's happy marriage could be tomorrow's divorce, and do you really want the result of your spouse's spending habits to be your parting gift from your marriage? After all, who wants a bankruptcy to start off the next phase of their life? Here in the Trenches.
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