When you get a divorce, you will essentially have to divide up all of your marital assets. However, some assets are more difficult to separate than others, like your joint credit cards. Read on to discover what will happen to your joint credit cards and how a seasoned Morristown property distribution lawyer at Graves Andrews, LLC can work on your behalf.
What will happen to my joint credit cards when I get a divorce?
Typically, it is recommended that you cancel your joint credit cards as you are undergoing your divorce proceedings. This is because it prevents any further debt accumulation to have to be accounted for in your settlement agreements.
Importantly, canceling your joint credit cards goes beyond simply cutting them up. Rather, you should take one of the following approaches:
- If the credit card originated in your name: you may contact your credit card company to cancel your former spouse’s approved authorized user status.
- If the credit card is truly joint: you may contact your credit card company to learn how to convert the card for your sole usage.
With a truly joint credit card, canceling may pose a greater difficulty. This is because every credit card company is different in the solutions they offer. For one, you may be able to remove your former spouse from the card. Or, you may have to completely close your account and open another one in your name only. But regardless, your former spouse’s signature will be needed for this cancelation process to be approved.
How can I protect my credit in my divorce?
It is an unfortunate truth that, sometimes, spouses run up joint credit cards with “revenge debt” in the event of a divorce. You do not want to be made a victim of this and ultimately be left responsible for your former spouse’s debts when you are no longer together. This is why it is in your best interest to follow the below tips:
- You should change the PINs on your debit cards that your former spouse may still have access to; and to something that your former spouse cannot easily guess.
- You should change the passwords and security questions on your bank accounts that your former spouse may still have access to; and to something that your former spouse cannot easily guess.
- You should contact your creditors and credit card company to update your billing address; so that your former spouse cannot easily hide or throw away your credit statements.
- You should open a checking account that is in your name only and that only you have access to; so that you can begin depositing your earned wages here.
Without further ado, you must retain the services of a competent Morristown family law attorney immediately. We can assure you that we are passionate about your case, so contact us today.
