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Credit Card Debt after Divorce
from: Jakob JellingIt is true that marriages are made in heaven. But everything
falls flat on their butt once a marriage hits the rocks. Every
bit of reconciliation fails and divorce seems to be the only way
out. If everything - both financial and other aspects - is
settled before parting ways, then we can say - all is well that
ends well. But if the separation is not so amicable and there is
some sourness left somewhere in terms of an unsettled financial
debt, things can turn both ugly and complex.
One such difficult situation arises when one of the partners
incur a credit card debt, and the credit card debt after divorce
assumes the form of a Damocles sword in the form of collection
people, constantly nagging either of the ex-spouses to settle
the due. The situation is a bit tricky here because whether the
person who incurred the debt or the other ex-spouse has the real
responsibility of making the payment is still not defined
clearly by the law. The situation gets more complex when it
comes to joint accounts. But let us see the credit card debt
after divorce now.
Credit Card debt after divorce - mostly in joint credit cards -
is generally seen by the creditors as the joint responsibility
of the couple. Actually the spouse who didn't incur the amount
is not liable to pay, but the credit card company may seek
payment from both the parties as they care only about the money
due to them. What settlement had been reached after divorce is
of little interest to these people.
One may feel that closing out credit card accounts (joint) is a
solution to all these problems. If you have a responsible
spouse, well this will work. But the fact is that the account
does not cancel itself until somebody makes the payment. Also,
after divorce, it is legally not practical to divide the debts.
Hence these are some practical solution, from best to worst.
- Sell any joint asset (say, home) and pay the debt and close
the account. It is a classic example of killing two birds with a
stone.
- Separate credit cards can be a better option in such a
situation. After applying, get the dues transferred into
individual cards, divided according to your own logic or the way
you spent.
- In this regard, if one of the spouses is not qualified to get
a card, get one of the relatives to cosign the card before
transferring the share of balance.
But, rather than being through this ordeal, the best option is
to get yourself everything settled before divorce. It is always
a pain to go behind all these joint issues when you are about to
start a new life. Take Care!
About the author:
Jakob Jelling is the founder of Cashbazar.com. Please visit
http://www.cashbazar.com/credit-cards.shtml and learn all about
credit cards.
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