When you obtain a divorce, you and your spouse must decide divorce issues such as credit card divorce debt, mortgage debt, car loan payments, marital asset division, child custody, child visitation, child support and spousal support. Credit cards may be held in joint names or individual names. After you and your spouse separate, you should gather your credit card statements, other debts and receipts to determine the following:
- Amount of debt
- Balance owing
- Name on credit card
- Name of creditor
- Which is marital debt and which is non-marital debt
Once you have compiled the information, you can decide which debts are yours, which belong to your spouse and which are marital debts. It’s a good idea to close your joint accounts, and obtain your own credit cards after legal separation. Any cards or loan payments that are in your name solely, you may want to make the payments on until you and your spouse can decide your credit card divorce responsibilities, property division and other divorce issues. If you are concerned that your spouse may not make payments on the joint accounts, you may want to make them until you resolve the credit card and other debt issues. Many times, couples decide to pay off their debts with the marital assets.
Property Settlement Agreement and Final Divorce Decree
The court prefers that you and your spouse decide your divorce issues on your own. If you cannot, the court will make the decision for you. You and your spouse will need to sign a property settlement agreement. At the divorce hearing, the judge will review the agreement to make sure your and your spouse are in agreement about all the divorce issues. The judge will then sign your final divorce decree, making the property settlement agreement part of the divorce decree.
Attorney Help
Settling credit card divorce matters and other divorce issues are difficult for most couples. It is recommended that you obtain a divorce attorney to represent you and protect your interests.
