I Am Afraid I Will Be Stuck With My Ex's Credit Card Debt After Our Divorce. What Can I Do About That?

There are many ways to divide debt in a divorce. The easiest way for many couples is to split the debt between each spouse. However, this is not always fair - the debt may have been incurred because of the reckless spending habits of one spouse only. You may consider using any marital assets to pay down the debt so that it’s not an issue going forward.

Unfortunately, in many divorces, one spouse will use the credit cards of the other spouse just before or after the divorce process begins. As part of the divorce process, you can ask your spouse to agree to do a balance transfer from your credit card to his. If you cannot agree and the issue goes to court, you need to present clear evidence that the credit card debt your ex accrued was to purchase items for his benefit and was done without your permission.

If you are stuck with some credit card debts after the divorce, there are some financial steps you can take. Send as much money as possible towards the debt to pay it off quickly. You could consider doing a home equity line of credit in order to pay off the credit cards. Although that will result in a much lower interest rate, if you fail to make the payments you could lose your house. You could also work with your creditors to settle your debt for less than is owed by entering into a repayment plan. If none of those options work and you are in over your head, it may be time to consider a bankruptcy. The bankruptcy laws can help consumers make a fresh start. However, bankruptcy will not discharge your alimony or child support, taxes, student loans, or certain other type of debts.