Going through a divorce is never easy. When one spouse has ran up a large credit card bill, it makes the process even more difficult to unravel and to put to an end. This is particularly true if the debt was ran up on a joint account or if one spouse opened up accounts in the other spouse’s name.
If you are going through a divorce and there is an outstanding credit card bill – or bills for that matter – for which you may be liable, it is really important to get the help of a lawyer. Even with their help, however, getting yourself out from under the bills may be quite difficult.
The first step you might want to take is to get a copy of your credit report. This way, you can find out what accounts actually are opened in your name and for which you are listed as being accountable. In addition, you should put a freeze on your credit file so your spouse cannot open up any new accounts until after the divorce is finalized. Some states may not allow you to take this step, so be sure to check into your state regulations first.
The next step you should take is to ask your attorney to make a request to the judge that requires your spouse to transfer the debts he or she incurred onto cards or loans that are in only your spouse’s name. Of course, getting your spouse to agree upon which debts you are not responsible for may be a tricky task if he or she is less than honest. Therefore, this step often sounds easier than it is in reality, particularly of the spouse feels as if he or she has been wronged by you or does not want to go through with the divorce.
Transferring the debt to your spouse’s name only is the best way to avoid hassles after your divorce. Simply having a decree that states your spouse is responsible for the debt is not enough to keep creditors from bugging you if your name was on the agreement. Therefore, if nothing else, discuss with your lawyer the possibility of having the judge order taking out separate loans after the debt responsibilities are determined.
If your spouse did indeed open up credit card accounts with your name and without your permission, you may also want to pursue fraud charges. This can be somewhat difficult to prove and will make the divorce proceedings even more complicated. Therefore, you should be sure to discuss the pros and cons of taking this action with your attorney before moving forward.
Divorce is never easy and nobody walks away feeling satisfied with what he or she received. Nonetheless, by hiring an attorney and by making wise decisions, you can reduce the amount of debt you are held liable for.
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