Credit cards – Dividing the debts during divorce
Dividing the credit card debt during divorce does not include a simple procedure. It depends on the laws of the state. This can lead to even increased bitterness between the two of you. So, it is always better to either pay off the debts of your own before filing for divorce, or divide the responsibility of paying off debts between the two of you. You can opt for a credit card consolidation in order to pay down the debts before divorce, if there are too many.
Dividing credit card debt in divorce
If you fail to pay off your credit card debts before divorce, these are going to get divided during the time of your divorce. However, you should also know that, the creditors are in no way obligated to follow the rules of the divorce courts. So, even if you are in no way obligated to pay a debt, as per the divorce decree, the creditor can come after you. Most of the divorce attorneys and financial advisors ask to pay off the joint debts before filing for divorce. In addition, try and cancel any joint credit cards before filing for divorce.
If you enter your newly separated and single life with any kind of joint debt, mainly credit card debt, it can lead to painful and bitter and harassing experiences. For, if your spouse decides to forego any debt payments, or if he/she files bankruptcy, the creditors are going to come after you. You will be left with the obligation of paying down the debts. Divorce in itself is a painful thing, and on top of that, if you are required to handle the debt complexities, it may result in serious setbacks.
So, talk to your spouse regarding the credit card debt you have on joint basis. Decide the amounts you two can afford to pay. If possible divide the obligations in half, and still if you have problems in making the payments, try to pay off the bills through credit card consolidation.
If your spouse does not agree with your plans, and even after the divorce decree if your spouse do not make the payments, it would be better to take the help of a divorce attorney. The attorney may help you with requesting or petitioning the court, so as to enforce the divorce agreement. In that case, your spouse will be required to appear in the court and explain the reason as to which he/she have not been making the payments. Your spouse may also be fined or jail time, if he/she is found guilty of not paying the debts as per the divorce decree.
MankatoLawBlawg.com accepts guest posts if the article is one I feel may help people going through a divorce in Minnesota, this was such a post. This post was written by Andrew Jackson, the law firm of Rosengren Kohlmeyer does not specifically endorse any products or services listed on this www.mankatolawblog.com