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Tips for dividing credit card debt in divorce

You have the right to divorce your spouse, but that doesn't mean everything will go smoothly in regard to property and debt division.

If you have joint credit card debt, this is something that you need to focus on early in the divorce process. It's easy to get so hung up on asset division that you overlook debts, but you don't want to let this happen to you.

Here are some of the many tips you can follow when dividing credit card debt in divorce:

  • Tally up everything you owe in joint credit card debt, to ensure that you know exactly what you're dealing with
  • Do whatever it takes to leave your marriage without any joint debt
  • Make the decision to pay off the joint credit card debt together or split it in half and transfer it to individual cards
  • Cancel any joint credit card debts without a balance, to avoid one individual or both using it in the future
  • Keep detailed records of all credit card purchases
  • Don't be tempted to use a joint credit card once you decide to divorce, thinking that doing so will mean you're only responsible for half of the purchase
  • If you're still married and drowning in debt, learn more about the pros and cons of filing for Chapter 7 or Chapter 13 bankruptcy

It's not always easy to follow these tips, as you have so many other things going on around you. However, you can't run from your credit card debt forever. There will come a point when you have no choice but to work through this financial detail, knowing that it's necessary to move on with your life.

Property and debt division can be a sticking point of any divorce, as you never know what approach the other individual will take.

The best way to hedge off problems before they grow is to understand the type and amount of debt you have, as well as the steps you can take to protect yourself. When you do this, while also understanding your legal rights, it becomes much more clear as to what you should and shouldn't be doing.

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