Joint credit cards are credit cards that are in both partners’ names and can be a source of stress during a divorce.
Divorce can be a difficult and emotionally trying time and one of the challenges many divorcing couples face is handling joint credit cards. Joint credit cards are credit cards that are in both partners’ names and can be a source of stress during a divorce.
How to Handle Joint Credit Cards – Tips
Here are some tips on handling joint credit cards when you divorce.
- Decide who will keep the credit card – The first step in handling joint credit cards is to decide who will keep the credit card after the divorce. If both partners agree that one person will keep the credit card, the other partner can request their name removed from the account. However, if both partners want to keep the credit card, they may need to agree on how to share the card’s expenses.
- Pay off the balance – Before closing a joint credit card, paying off the balance is essential. This ensures that both partners are not held responsible for any outstanding debt on the account. If paying off the balance is not possible, partners may want to consider transferring the balance to a new credit card in the name of the person responsible for the debt.
- Close the account – Partners should consider closing the joint credit card account once the balance has been paid off or transferred. This prevents either partner from making any new charges on the card and protects both partners’ credit scores. The account can be closed by contacting the credit card company and requesting that the account be closed.
- Monitor credit reports – After the divorce is finalized, partners should monitor their credit reports to ensure no new charges are being made on the joint credit card. Doing this regularly is essential to catch unauthorized charges early and prevent any negative impact on credit scores.
- Consider seeking legal advice – If there are concerns about dividing debt or resolving disputes over joint credit cards, partners may seek legal advice from a family law attorney. An attorney can help negotiate a settlement agreement that includes provisions for dividing debt and handling joint credit cards.
There’s no doubt that handling joint credit cards during a divorce can be a challenging task. However, by following these tips and seeking legal advice if necessary, partners can minimize the stress and protect their credit scores during this difficult time.
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