Divorce Settlement and Credit Card Debt

When a divorce occurs, how is debt handled?  Many couples have a joint credit card with both names listed on the account.  In this case, many times at least one spouse continues to use that card to spend during divorce proceedings.  The other spouse might wonder whether that spending will damage his/her credit. 

In fact, the "spending" spouse is often responsible for debt incurred during divorce proceedings, if the credit card was not used for a shared purpose. 

Also, other debts from marriage are not always split 50-50. Multiple factors can skew the way that any given debt in a marriage is divided; therefore, it is critically important to speak with an attorney about your concerns over debt.  Our attorneys will help you craft an agreement that protects your credit, while dividing debt in a way that is manageable and efficient. 

H. Van Smith
Trusted Virginia Family Law Attorney Serving Richmond to Williamsburg