Miller|Conway, Charleston Divorce Attorneys, are pleased to report that there may be some relief for those who are frustrated by the financial burden imposed by divorce proceedings. Divorces are often financially stressful, but that stress may seem even more overwhelming if either party is a stay-at-home parent.
Due to the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, credit card companies were no longer allowed to take into consideration a total household income when determining new candidates. Once the Act was passed, it became very difficult (if not impossible) for stay-at-home parents to obtain any credit of their own. Fortunately, as of April 29, 2013, the Consumer Financial Protection Bureau (CFPB) approved a modification to the CARD Act which allows card issuers to consider assets from a third-party if the applicant is over the age of 21 and has a “reasonable expectation of access” to them. With this adjustment to the CARD Act, stay-at-home parents are offered an opportunity to rebuild their credit even without an individually strong work or financial history.
Click here to see a full report on the most recent modifications to the CARD Act directly from the CFPB Newsroom; or if you are in need of divorce attorney and would like to discuss the options available to you, please contact Miller|Conway, Charleston Divorce Lawyers in Goose Creek, SC, at 843.764.3334 to schedule a consultation with one of our experienced family attorneys. You may also visit Miller|Conway on facebook, twitter, or at the firm’s website for more information.