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Of Divorce and Credit Card Debt

Of Divorce and Credit Card Debt

In most divorces, the ex spouses will share the responsibility of paying for some or all credit card debts, mostly from joint credit cards. However, because a divorce decree does not bind creditors, they can collect credit card debt from either account holders. As such, the party who agrees to shoulder the credit card debt will have a difficult time paying off the debts and regardless what the divorce decree indicate, both parties can be technically collected from.

It’s common for many divorced couples to have problems with marital debts which is why it’s recommended that the party who agreed to shoulder the credit card debt should get a consolidation loan under his or her name alone. This should be done before the finalization of the divorce decree.

However, if for some reason this won’t work, you can always ask your ex-husband or ex-wife to have your name off the account if your ex agreed to shoulder the cost of the credit card debt. Don’t forget to inform the bank that your ex has agreed to shoulder the cost and demand that your name be removed from the joint account. This has to be done in writing and before the payment is defaulted.

If you and your ex are left with no other option, you can simply agree to close the account. This will prevent both parties from using the same card, which could worsen the situation.

Dealing with credit card debt with an ex is very tricky which is why both parties have to reach an agreement way before the divorce process starts. In addition, make sure you consult with your lawyer to determine the right steps to take in order to settle the credit card debt together with your ex.

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