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My husband and I have joint credit cards with over $15,000 from purchases hes mostly made. How do we divide this?
My husband and I are getting a divorce and I’m worried about our credit card debt of about 15,000. He’s responsible for most of the debt and has been trying to pay the cards off. Since my name is on some of those cards, will any of the creditors be able to reach my assets after the divorce if my husband fails to fully pay everything owed on them?
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Answers (1)
It’s possible that the creditors can reach your assets since they’re usually not bound by the terms of a divorce. Dividing debt in divorce, credit card or other, is not bound by the same rules as assets. You should probably immediately contact an attorney to obtain her advice on how you should proceed to fully protect yourself. Sometimes, entering into a divorce mediation proceeding can help in this type of situation since the courts generally recognize and are bound by mediation decisions.
Whatever you do, be sure you get whatever financial concessions are made to you (about those debts) in writing, after your attorney has assured you that they will be binding. Don’t just assume your soon-to-be-ex-husband will keep any promises that he may not believe he should have to keep. Furthermore, if he should become disabled or unable to work, you’ll need to be sure your assets are safe.
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Posted by Elizabeth Smith on 25 Jan 2010