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Married couples should hold joint credit accounts

by | Jun 20, 2018 | Divorce

When you are married, you likely have quite a bit of important documents in both names. These might include your vehicle titles, deed to your residence and even retirement accounts or other financial accounts. There are some married couples who have both joint and separate credit cards. Many don’t realize that this can cause quite a problem should the couple head for divorce in Oneida, New York.

When a married couple holds joint credit card accounts, there will be zero surprises about the money being spent and the debt being acquired. Both parties in the marriage should be informed about the credit cards and how money is being spent and how the balance is being paid each month. This way, both people can understand each other’s fiscal responsibility in the marriage.

When a married couple has joint accounts and someone has a separate credit card account, this can cause a lot of problems. For example, the spouse with a credit card in his or her own name could be racking up debt without the other spouse knowing what is happening.

Should the couple be headed for divorce and this separate account comes to light, both spouses are responsible for the debt that has been acquired. So, if the spouse with the debt fails to repay it, the other spouse is still liable for that money and will be hounded by creditors until it is paid in full.

Dealing with debt acquired during marriage is a big issue for couples headed for divorce in Oneida. You can prepare for this by holding joint credit card accounts so that there are no surprises from either spouse regarding separate accounts and even more debt.