Stop spouse from aquiring more debt
My wife has accummulated a lot of debt, $15000 on credit cards, $15000 on a car loan and $70000 co-signed school loans. What can I do to stop her. I do not approve of any of this debt but she keeps borrowing money to give material things to her boys (my step children).
1 Answer from Attorneys
Re: Stop spouse from aquiring more debt
As to the credit cards, you have a right to demand removal of your name from the accounts. The same effect could be obtained if the cards were lost or stolen and this was reported to the company. As for a more long term solution, you should consider an opt out agreement, placing creditors on notice that both of you have decided to remove yourselves from the WI Marital Property Act and the spousal liability which flows from it for family purpose debts. It would only be binding, however, upon creditors who have notice of it prior to extending the credit.