Divorce and Credit Card Debt
Many people who go through the divorce process are blindsided by their spouse's credit card bills. In Georgia, both assets and debts accumulated during the marriage are considered marital property and must be divided as a part of your divorce orders.
At The Siemon Law Firm, our lawyers are here to protect your financial interests if you are going through a divorce. One way you can protect yourself from additional debt is to cancel joint credit cards as quickly as possible. With offices in Alpharetta, Cumming and Atlanta, we advise men and women throughout the Atlanta metropolitan area.
Am I Responsible for My Spouse's Credit Card Bills?
Marital debts such as credit card bills and loans accumulated during the marriage are divided according to the law of equitable distribution. Equitable usually means 50-50, but a judge could determine that an unequal distribution is equitable.
Even if the credit card was opened under your spouse's name alone, it is still marital debt if it was acquired during the marriage. Both parties may be responsible. However, if your spouse runs up excessive credit card debt for expenses that are clearly personal (such as taking a boyfriend or girlfriend to Las Vegas), the judge may assign those debts to your spouse in the divorce order. The credit card company may still hold you responsible for the debt if it is a joint account, and it could affect your credit rating.
How Can I Keep My Spouse From Running Up Credit Card Debt?
If a divorce is in your future, you should cancel joint credit card accounts and open new ones in your name alone. You will still be jointly responsible for existing debts on the canceled cards. It's not unusual for a couple to have more debts than assets at the time of divorce.
Contact Our Atlanta Divorce Attorneys Today
Whether you are getting divorced or planning for a divorce, our lawyers are here to advise you. Please contact us today and arrange a personal, discreet and helpful consultation.
