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Divide Credit Card Debt in Divorce

How will you split your credit card debt in divorce, largely depends on state in which you live. With the exception of Florida and Alaska, the states are separated into two different categories community property, and known the equitable distribution as customary law. Community property states share credit card debt in divorce a possibility during equitable distribution states use a different method.

If you decide to divorce, immediately cancel all your credit cards. Do not charge more debt on all cards that have been opened during the marriage. Requesting final accounts for each credit card and tally the total amount of credit card debt to you and your former spouse owe.

Divide Credit Card Debt in Divorce

Separate cards according to those owned jointly, those owned by you, and those owned by your former spouse. Any card that is in your name only, but on which your former spouse is authorized user, counts as card owned solely by you, and vice versa. Create ledger for each individual card, sorting them into three categories your cards, your former spouse’s cards, and joint cards.

Include account numbers, issuing lender and final balance for each card. You also might want to create separate ledger that details minimum monthly balance, due date and similar information for each card. Do not include cards opened since initial separation.

Add up total amount of debt incurred jointly by you and your spouse during marriage. Exclude credit cards in just your name or your former spouse’s name. Divide total amount of debt in half.

This is amount that you and your former spouse each is responsible for if you live in equitable distribution state.

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How to Divide Credit Card Debt in Divorce