Divorce and Credit Cards
Many married couples choose to combine their finances.
By pooling their money, they can make much larger purchases and build more credit than they could individually.
Often this means taking out lines of credit together for things like cars.
It can also mean taking out credit cards.
When a married couple chooses to get a divorce, however, these lines of joint credit can change from a useful and convenient way of combining their finances to a major source of conflict.
Credit card debt, like other kinds of debt, must be repaid.
Credit card debt is particularly prone to getting out of control, as they do not require payment in full.
Payments can be made towards the balance at various points, which offers flexibility for some but can mean a loss of control for others.
When such a line of credit is attached to two people, parting ways means deciding how to separate out this debt.
Ideally a couple would just pay the credit card balance off in full and close the account.
But heavy debt can mean a prolonged repayment process.
Sometimes it's possible to work with the credit company to restructure the debt, or to create a way for both to repay it.
Regardless of the plan that works best for a given couple, it's important to destroy the card right away.
If one or both spouses keep using it, that only adds that many more complications to an already complicated situation.
Once the shared debts have been resolved, the spouses can move on to develop their own individual finances.
Over the course of a marriage, it's possible for a couple to accumulate quite a bit of credit that neither brings with them after the marriage.
Rebuilding their credit after a divorce should be an important consideration for both spouses.
If you and your spouse are considering a divorce, the help of a divorce lawyer can be invaluable for resolving issues like shared debts, child custody, and all the other questions a divorce raises.
With the help of the experienced Oceanside divorce lawyers of Fischer & Van Thiel, you and your spouse can create a plan to part ways in a way that benefits both of you.
To discuss your case with a lawyer, call the Oceanside divorce lawyers of Fischer & Van Thiel today.
By pooling their money, they can make much larger purchases and build more credit than they could individually.
Often this means taking out lines of credit together for things like cars.
It can also mean taking out credit cards.
When a married couple chooses to get a divorce, however, these lines of joint credit can change from a useful and convenient way of combining their finances to a major source of conflict.
Credit card debt, like other kinds of debt, must be repaid.
Credit card debt is particularly prone to getting out of control, as they do not require payment in full.
Payments can be made towards the balance at various points, which offers flexibility for some but can mean a loss of control for others.
When such a line of credit is attached to two people, parting ways means deciding how to separate out this debt.
Ideally a couple would just pay the credit card balance off in full and close the account.
But heavy debt can mean a prolonged repayment process.
Sometimes it's possible to work with the credit company to restructure the debt, or to create a way for both to repay it.
Regardless of the plan that works best for a given couple, it's important to destroy the card right away.
If one or both spouses keep using it, that only adds that many more complications to an already complicated situation.
Once the shared debts have been resolved, the spouses can move on to develop their own individual finances.
Over the course of a marriage, it's possible for a couple to accumulate quite a bit of credit that neither brings with them after the marriage.
Rebuilding their credit after a divorce should be an important consideration for both spouses.
If you and your spouse are considering a divorce, the help of a divorce lawyer can be invaluable for resolving issues like shared debts, child custody, and all the other questions a divorce raises.
With the help of the experienced Oceanside divorce lawyers of Fischer & Van Thiel, you and your spouse can create a plan to part ways in a way that benefits both of you.
To discuss your case with a lawyer, call the Oceanside divorce lawyers of Fischer & Van Thiel today.
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