When individuals in Missouri divorce, figuring out what to do with their credit cards may not be a priority. However, making smart decisions about their credit cards may smooth the transition to managing their credit post-divorce. Here are a few tips for handling credit cards during the divorce process.
Managing credit cards during divorce
An important step in handling credit cards during divorce is for both spouses to determine how much money they owe on their joint cards. This is critical even in divorce situations that do not involve financial infidelity or dishonesty regarding how joint money was handled. Credit card debt accrued during the marriage is generally deemed a joint obligation even if only one spouse racked up the debt.
Individuals going through a divorce can audit their credit cards by requesting copies of their credit reports. These reports will show them comprehensive lists of their loans and credit cards, as well as the status of their accounts. They can then determine how to divide these debts during the divorce negotiation process before closing any accounts or eliminating authorized users from them.
An attorney can help
Navigating property and debt division can be overwhelming even in the most amicable of marital breakups, but a family law attorney in Missouri may help make this process simpler. An attorney can assist a person going through a divorce in pursuing a fair and comprehensive settlement with the other party while prioritizing this individual’s financial best interests both short term and long term. The attorney will strive to ensure that his or her client’s rights are protected during each phase of the divorce proceeding.
