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Is there a simple way to divide credit card debt in divorce?

You can expect to face a variety of financial challenges during the divorce process. For many, formulating a plan to divide joint credit card debt is a big challenge.

While there's no right or wrong way to divide credit card debt in divorce, there are some basic tips you can follow to put yourself on the right track:

  • Pay off joint credit card debt before divorce: If you and your spouse are both okay with the idea, you can eliminate joint credit card debt before the divorce process begins. This is one fewer thing you have to worry about in the future.
  • Use a balance transfer credit card: If you're not interested or unable to pay off joint credit card debt, each individual should take on half. The best way of doing so is with a balance transfer credit card.
  • Cancel all joint credit cards: Don't leave joint credit card accounts open, as your ex may continue to use them. This puts you in a bad position, as their spending could put you on the hook for half the debt.
  • Keep detailed records: Review joint credit card statements to pinpoint any excessive spending by the other individual. This can help you avoid paying for debt that you're not responsible for.
  • Learn more about bankruptcy: If you're still married, you have the opportunity to file for bankruptcy together. This allows you to eliminate credit card debt, along with other types. It's not the right solution for everyone, especially those with a strong financial history, but it's an idea to consider.

It may not be simple to divide credit card debt in divorce, but there are steps you can take to ease your mind and move toward a resolution in a timely manner.

For many people, the biggest challenge isn't their joint credit card debt. It's the fact that the other individual isn't cooperating.

If you find yourself dealing with an uncooperative spouse, you may find it impossible to work things out before divorce. In this case, learn more about your legal rights in Arizona and the steps you can take to protect them as the process moves forward.

Visit our website for more information on divorce, joint debt and related subject matter.

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Reppucci & Roeder Attorneys at Law | 3101 N. Central Avenue, Suite 1470, Phoenix, AZ 85012 Phone: (480) 900-5538 Map & Directions
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