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Dealing with joint credit card debt in a divorce

Couples who are divorcing in North Dakota or other U.S. states face a myriad of issues, especially when it comes to splitting debts. In addition to the division of assets, liabilities such as mortgages and credit card debt must also be divided.

In many instances, couples decide to share credit cards to consolidate accounts and get extra reward points. Joint credit card accounts mean that both parties are responsible for the debt. This will be true even if your ex used the card without your permission. Each state has its own set of rules when it comes to the division of liabilities and assets. If you’re facing divorce, depending on your situation, you could actually end up with more debt responsibility than you bargained for. Fortunately, there may be certain steps you can take to protect your credit and finances before starting the divorce.

In a divorce proceeding, you and your ex will be asked to submit a document that details both your assets and liabilities. These documents will be provided to each of your attorneys so they can try to determine who should be responsible for liabilities. The judge will give the final verdict about how the debts will be split between both parties.

Besides consulting with an attorney, one of the best ways to protect your credit and finances is to take immediate action when divorce is imminent. You can contact your credit card company to remove your spouse as an authorized user, for example. Or, you can implement spending limits by contacting the credit card company as long as your spouse isn’t listed as a joint account holder.

Navigating the divorce process is often difficult, and the results of a divorce can have long-lasting financial repercussions. If you’re going through a divorce, consider seeking the guidance of an experienced divorce attorney.