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Dividing joint credit accounts

When years of marriage come to an end, many divorcing couples find it extremely difficult to separate out a lifetime of assets, property and debts. Although it is common for divorcing spouses to spend a great deal of time and energy arguing over who gets to keep the living room furniture, it may be more important to focus first on who walks away with the debt. After all, replacing a few items of furniture may not have the same financial impact as taking on debt.

Some marital debt is easier to divide than others. Credit accounts held jointly by both spouses are especially tricky when it comes to property division. For one reason or another, you or your spouse may actually want to assume ownership of a joint credit account. Depending on the type of credit accounts it is, its limit and outstanding balance, it may not be in either party's best interest to take it over.

Most credit card companies do not recognize the property division made during a divorce. For accounts held jointly, the responsibility to pay belongs to both spouses regardless of divorce. If one spouse assumes ownership of the credit account and pays on time, the worst is that they may have taken on more debt than they rightfully should have. However, if a spouse assumes ownership of a credit account and defaults, not only is their ex on the hook for the balance, but their credit may also take a hit.

The division of marital property and assets is typically one of the most argued issues during divorce. Debts might not receive the same attention but may have a bigger impact on each spouse's financial well-being after divorce. Speaking to a divorce attorney may help spouses reach a property and debt division agreement that is in both parties best interest.

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Our office is conveniently located off Highway 50, just three miles from the Sacramento County Family Courthouse and minutes from Downtown Sacramento. For your convenience, we accept all major credit cards.

Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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