Also he put a 10K deposit down on a manure spreader (farm equipment, function is self-explanatory)...a 'past due' notice came here the other day that he was late on a payment. Still owes another 10K on it. Plus the truck payment, tractor payment, home improvement store credit card payment....his debt is growing and technically it is mine too since we are still married, right???
Hello BobbiJo, I occassionaly follow along with interest because of the 'farming' aspect in your sitch. Can't recall if I've ever posted to you before but often thought I would but probably got interupted and then forgot what I was going to say. (blond - lol)
I live in a community property state but what I learned from the credit card companies is that if the card has only one name on the account then that is the only person responsible. That means the big debt my H has on his individual accounts is not debt that I can be held liable for. That came direct from the cc company. It still doesn't seem right but I guess I have to assume they know their own rules.
Run your credit report. If you have any joint accounts get your name off asap! If there is a balance that will be harder to remove your name. Get your name off any inactive accounts. It might hurt your credit score by lowering your debt to assett ratio but in the long run that will be better than nonpayment.
The debt on the farm equipment - let me offer a lesson I learned the hard way. I work hard to keep my debt in control, make my payments, not buy what I can't afford. H spends and spends. He buys a new truck every 2 years. I believe H is finally realizing the havoc he has caused, he did not get a new truck last year and I was relieved. What didn't occur to us until tax time was that we LOST that deduction for depreciation on our taxes. That meant instead of getting a refund I had to write a check. Had he bought a truck and made his own payments WE would have received a refund. All that farm equipment is deductible on the farm taxes, depreciation is a huge factor. Also, it sounds like your H has plenty irons in the fire and keeps them all pretty hot. I am not defending him, but be thankful for the fact that he isn't a deadbeat that sits around doing nothing and then you would have no income from him.
Put some positive spins on things you feel negative about. Don't get sucked down the road of talking ugly.
I spent a lot of weekends in your state a few years back when we were on the road promoting our horses. That was one of hardest years of my life and one of the best too!
Live your life while you are still living. Riding the trail less traveled.
