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Protect yourself from joint credit card debt during divorce

When a couple heads for divorce, there are plenty of things on their minds, including how to divide property, assets and how custody of the children will work. What many don't think about is the joint debt the couple has accrued on credit cards during the marriage. This issue can become a heated part of the divorce negotiations.

If you have separated from your spouse, the first thing you should do is file documentation with the court about your joint credit cards and joint debt on those cards. This will get the information on the record and can help prevent your spouse from building up more debt in your name prior to the divorce going final.

When you and your spouse sit down to negotiate the terms of the divorce, you can discuss the joint debt that has been accrued during the marriage. One idea is to pay off the debt, in its entirety, prior to the divorce going final. If you have the means to do this without sacrificing the quality of life for either spouse then this is your best option.

Your other option is to divide the debt as equally as possible and then transfer it to credit cards in each spouse's name, not other jointly owned credit cards. This takes the burden of the entire debt off the couple. Now, the remaining debt amount is each person's individual responsibility to pay off with the credit card company.

If the debt is overwhelming, your only other option is to file for bankruptcy to obtain debt relief, even in a divorce. This can be done jointly or individually. It is best to speak with a bankruptcy attorney to determine the best course of action when it comes to bankruptcy and divorce.

As you head for divorce in Nashua, New Hampshire, speak with our firm about your joint credit card debt and how we can help you avoid added debt. You don't want to get stuck paying all of the bills. We can help create an agreement that is fair for both parties.

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