If you are like many people across Florida who are going through a divorce, you may be looking forward to making a clean break from your former partner and getting a fresh start. Doing so can prove more complicated, however, if the two of you share considerable credit card debt, which is common among many American couples. So, what, exactly, happens to that credit card debt when you and your one-time partner split?
According to Money Management International, unless you and your spouse kept your finances separate and failed to include one another’s names on your credit cards, you are probably both responsible for paying off your credit card debt when you divorce. As for who is responsible for what amount, you typically have several options. If possible, you may find it faster and easier to work out an agreement with your former partner to, say, split the debt evenly.
If the two of you cannot agree on how to split up your credit card debt, you may need to go to court to have someone else make the decision for you. There are, however, several efforts you can make that may help you avoid having things reach this level. First, try to pay off as much of the debt as you possibly can ahead of your divorce. Second, separate your accounts to avoid accruing any additional unanticipated debt.
Ultimately, the more you can separate your debts from your spouse’s, the better. That way, if he or she fails to make timely payments or otherwise hold up his or her end of the deal, you have taken necessary steps to protect yourself.
This information about what happens to credit card debt during divorce is educational in nature and does not constitute legal advice.