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Video Blog 2013 May Divorce and Credit Cards: A Recipe for Disaster
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Divorce and Credit Cards: A Recipe for Disaster

Posted By Demetria Graves || 6-May-2013

Credit Card debt. It's one of the biggest headaches anyone deals with, let alone with a spouse. But what happens when you are going through a divorce and your soon-to-be ex-spouse begins to receive credit cards in their post-divorce name. That's innocent enough… but what about when they don't pay their bills. Will that come back to bite you in the credit score? Well, that depends on where you are.

California is a "community property" state, meaning that property or debts accumulated by either partner during a marriage belong to both partners and would be divided evenly if the marriage ends. The agreements that you and your husband have signed with the credit card companies will also determine your liability for your husband's debts.

"The credit card company would generally go after the signatory of the agreement, with respect to any wrongdoing or expenditures," Kurt Olender, managing partner at OlenderFeldman LLP in Union, N.J., where he specializes in corporate law, told Fox Business.

It's understandable if you're worried about your finances during a divorce. After an extended time comingling finances, these situations can get tricky. That's why one of the first things you should do in regard to finances is figure out who signed for the card, according to Oleander.

"If the husband filled it out and signed his name to it, then it's only he personally that is liable to the credit card company, vis-a-vis the obligations of the card," Olender says.

Read More: Will my Husband's Business Card Debt Hurt my Credit After Divorce?

Categories: Divorce, Property Division

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