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Cancel your credit cards when you file for divorce

Joint credit card accounts typically work well for married couples. You can simply add your spouse as an authorized user when you get married. They get their own card and can charge on your account.

While you're married, you don't give much thought to who is responsible to pay off that debt. You can both rack up more debt, and you both work to pay it off. It's a joint effort.

If you get divorced, though, it's important to note that you may still be responsible for any money owed on a joint account. Your lender does not necessarily care about your marital status. If you file for divorce and then your soon-to-be ex charges thousands of dollars to the account, it's still in your name. They can still come after you to collect in many cases.

The best thing to do is to split up your finances when you're going through a divorce. Cancel those joint accounts. Call the bank that issued the card and tell them what you're doing. Pay off any debt on the account at the moment and then start a new account in your name only. This makes everything easier by preventing some unexpected charges.

Whether you and your partner are on good terms at this point or not, you also want to let them know that you canceled the card. They can then start their own separate accounts.

The financial side of divorce can get quite complicated, especially if you're already facing a complex debt situation. Be sure you know what legal options you have at this time.

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The Springer Law Firm

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Katy, TX 77450

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