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How is credit card debt divided in a divorce?

It's not uncommon for couples to accumulate credit card debt during the life of their marriage. Even though debt is a problem in and of itself, it really becomes a problem when the couple decides that the marriage is no longer viable. So, how is a couple's credit card debt divided in a divorce?

One of the first options you should look at when headed towards divorce in Florida is possibly paying off the joint credit card debt. If this is a possibility, be sure to discuss it with your spouse and make the payments before the divorce is finalized. If you two cannot pay off the debt right now, consider dividing it and transferring the debt to credit cards that are in your name only, not joint accounts.

Once you and your spouse separate, it's imperative that you keep top notch records of all the money you spend. This is especially important when keeping records of any credit card transactions you make. Keep all receipts so you can prove what credit card debt accrued beginning with the separation period is yours and what debt does not belong to you.

As early in the divorce process as possible, you should file documentation with the court regarding your debt and any joint credit card accounts you might have. The sooner you file documentation with the court, the easier it will be to protect yourself from having to pay down debt that isn't yours.

Are you preparing to file for divorce in Fort Lauderdale? Protect yourself from unnecessary debt by speaking with an experienced divorce attorney about your situation.

Source: Credit Cards, "Dividing credit card debt in divorce," accessed Oct. 04, 2017

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