For many, going through a divorce will pose challenges that require careful consideration. From determining how you will split custody of children until your parenting plan is created to figuring out how you will handle the family home, there are several crucial considerations that must be made. However, one thing you may not have considered is what will happen to your credit cards during this time. Whether you are an authorized user on your spouse’s credit card or you have a joint account, it’s important to consider how these matters are handled. The following blog explores what you should know during these matters and why connecting with Somerset County property distribution attorneys is critical.
Am I Allowed to Continue Using My Spouse’s Credit Card During the Divorce?
When you or your spouse file for divorce, understanding how to navigate this situation can be incredibly overwhelming. Generally, it’s in your best interest to avoid using your spouse’s credit card following the divorce, as they may try to claim you spent a considerable amount in an attempt to “get back” at them for the divorce.
If you and your spouse have a joint account, meaning it was taken out in both your names, you may want to consider closing it. This can help avoid the need for further debt distribution. However, in some instances, such as when you have children, you may want to keep the card open but limit it to only purchases for the children, like school supplies or groceries. You should have your attorney create an agreement for both you and your spouse to ensure that the card is used only for predetermined purchases and that you will both be responsible for an equal portion of the funds used to care for your children.
How Is Debt Handled?
When you and your spouse divorce, you’ll find that your debt is divided similarly to how your assets are divided. Typically, the courts will consider how the debt was accumulated and who is most responsible. For example, if you and your spouse have $10,000 in debt and the purchases benefit both of you, they will likely determine that the debt will be split evenly. However, if one spouse spends $8,000 on clothing or vacations, the courts will assign this debt to the individual rather than to both spouses.
Navigating these matters can be incredibly complicated, which is why it’s in your best interest to connect with an experienced attorney who can assist you when you need help. At the Siragusa Law Firm, we understand that going through a divorce is an incredibly upsetting experience, and trying to navigate the financial and legal complexities can be overwhelming. As such, our team is here to fight for you. Connect with us today to learn how we can help ensure your best interest is represented.
