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Sam, Attorney at Law
Category: Legal
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Experience:  More than 20 years of experience practicing law.
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If a married couple has a line of credit from the equity in

Customer Question

If a married couple has a line of credit from the equity in their home, can that credit line be rescinded by just one of the married couple. (A friend of mine wants to stop their line of credit that the husband uses without telling her.)
Submitted: 2 years ago.
Category: Legal
Expert:  Sam replied 2 years ago.
This is Samuel and I will discuss this and provide you information in this regard
If the credit line is on a home they both hold title to, then no Both parties will need to agree to close it.
I suggest, that she will want to consider a marital separation agreement and in it include that the line of equity will be closed as of whatever date. Also include in the agreement that each party agrees to split the cost of the outstanding marital debt, if she benefited from the debt in anyway.