Divorce & Credit Card Debt

Divorce & Credit Card Debt

When you decide it's time to divorce, it's critical to get on top of your financial realities as soon as possible so you have a factual understanding of your situation. That way you are in a position to make smart choices during divorce, and in your life after.

Tackling the issue of credit card debt can make you feel scared but you've got to push through so you can assess your situation. Money can trigger feelings but don't let those feelings paralyze you!

Keep these things in mind

    • When you take the time to prepare for divorce it puts you in the empowered position to discuss what kind of negotiation options you might have with your attorney or mediator.
        • Being able to present them with all of your financial information (the good, the bad and the ugly!) early in the divorce process helps you both focus on how to best strategize dealing with that debt early in divorce negotiations.
          The hard truth is that in most cases any credit card debt incurred during the marriage is the responsibility of both parties, regardless of who created the debt. Unless you have a prenuptial agreement that specifies that each party will be personally responsible for whatever debt then incur, credit card debt created during the marriage counts as community property and is split accordingly.

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          Divorce has a big impact on your finances. Check out the post How To Build Your Savings After Divorce.

          Not sure how to figure out your financial information? Divide & Thrive's digital divorce planner has a detailed list of statements and accounts you'll need to gather.

          Divorce is hard. Divide & Thrive makes planning for one easy. 

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