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You should remove your name from joint credit cards in divorce

You want to get a divorce, but there's a looming question above your head: What do you do with all the debt that's been accrued? This is particularly important to discuss with your spouse and attorney, especially if that debt is one-sided.

If you have jointly-held credit cards, you may be saddled with some of the debt that has built up during your marriage, even if you didn't spend the money. However, there are some other options if you want to have your spouse pay back the debts on his or her own.

Your attorney may suggest paying off the cards before finalizing the divorce or agreeing to transfer the debt onto a card in your spouse's name alone. Both options help remove your liability for a debt before divorce, so you don't run into problems later.

You want to have your name removed from liability for a few reasons. First, if you keep the card in both your names, you'll both be liable for the debt. If your spouse (or now ex-spouse) misses a payment, your credit will be affected. Additionally, if you keep a shared card. Your ex could add more debt to it after the divorce, and that's something no one wants to deal with.

Another issue is that if your spouse files for bankruptcy while you're still liable, you could be left to pay the debt. If you're not willing to do so, then you may want to work out a way to eliminate the debt before you finalize your divorce settlement. Your attorney can help you work to negotiate your way out of shared debts, so you can live a free financial future. Our website has more information.

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