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!
More Post
New Medicines Available To Treat Rare Diseases
Music now we learn also on-line
Give A Heart Necklace This Holiday
Cure your Baldness & Alopecia the Natural Way (Chinese Herbs)
Teach Courses Online
Facts About Spirulina- Worlds Most Powerful Food
School Fundraiser Niche - Valentines Day
Hair Loss: Cosmetic Solutions For Good Cover Up
Dating Blindly
Sun Tanning Protects The Skin
Thay Call It "Dog Breath" For A Reason
Using Magnets To Fight The Pain
A Note From Saint Valentine - A First Person Tale Of This Wonderful Day
Spitting Up – And Other Joys Of Motherhood
Las Vegas: How to Ensure Your Vacation is Full of Adventure and Kicks
Is Self-Esteem Contrary to Christianity
What Educational Toys Do Kids Actually Enjoy Playing With?
MLM Success | Relationships in Two Minutes Flat
Are vent free gas fireplaces safe?
Domestic Violence Dr Jekyll or Mr Hyde