Currently my husband is in debt which was all due to some of his past irrational endeavors and it seems that he does not have the ability to recover ... he is getting disparate and causing problems and harassing the family . I sense the need to take my name off of the credits cards - he is employing more and more credit cards to go deeper into debt . I also sense the need to take his name off of the joint ownership that is on the house . Is his debt and credit damage going to affect my credit since we have joint credit cards as well as joint ownership of the house ? In what other ways is his behavior going to damage my financial status ? I need to separate myself from him because he out of time and not being able to come up with solutions he is displaying a lot of disregard and wanting to use my good financial standing to enroll into credit cards furthermore getting into more debt .
Forums
No, you cannot take out his name from the joint ownership of the house because both of you are co-owners. Now regarding the credit cards, all you can do is to close down the credit card accounts in which you are a co-signer because it is not possible to remove your name from the card with open credit account. Since you are a joint-borrower in these cards, your credit report will also reflect the delinquencies and as a result your credit score will also get damaged.
ckim
The late payments, high balances, multiple accounts etc that your name is attached to will(have) impact(ed) your score. At this point you can only really do some damage control and try to protect yourself in the future. Pay off and close all accounts your name is attached to. Get a new mortgage in your name only and buy out your husband. File for a legal separation to prevent your husband from being able to legally open new accounts with your name/socail and prevent any dent he accrues from becoming marital debt. In the unfortunate chance of a divorce you dont want ot spend thousands trying to prove him as the owner of the debt. I know this seems drastic but, if you cant trust him to stop using your name to create more debt, you dont have much of a choice. You do not have to leave or divorce him but, separating your money/investments would be smart. I am also sure he wont freely sign away all claim to the house without some written contract to protect his invested time/ money incase of divorce.