Cut card in the Divorce Agreement effortlessly

Aug 6th, 2022
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How to Cut card in the Divorce Agreement

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hey whats up everyone divorce attorney bobby buchanan here this is illinois divorce TV where i take you down the pragmatic path to getting divorced today i want to talk to you about how do you split credit card debt in an agreed divorce were really kind of what is the best way to do it or framework to think about it as you sit down with your spouse and you talk about what youre gonna do with the credit card debt that may have accumulated while you were married well i think a pragmatic approach to this would be to look at what credit card debt let me back up here lets talk about what the law is because thats ultimately gonna be the foundation that you would negotiate around if your case does get into court so that might be helpful as you negotiate out of court you can obviously negotiate around any sort of framework that you and your spouse agree on you might both agree that the law doesnt make a whole lot of sense and what you feel like is more fair is some set of ground rules th

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If the credit card is a joint account, however, removing the other party isnt as easy. The credit card company will likely require you to close the account completely after paying the balance in fulland will require consent from both parties to close the account.
If the joint credit card is completely paid off, the two parties just need to agree to close the account. But if there is an outstanding balance on the card, the card issuer will most likely require you and your partner to pay it off completely before being able to close the account.
Unlike a credit card with an authorized user, you generally cannot simply remove one name from a joint credit card. Most issuers will require you to close the account.
Unlike a credit card with an authorized user, you generally cannot simply remove one name from a joint credit card. Most issuers will require you to close the account.
The bottom line You are generally not responsible for your spouses credit card debt unless you are a co-signer for the card or it is a joint account. However, state laws vary and divorce or the death of your spouse could also impact your liability for this debt.
Generally, you can simply call the number on the back of your credit cards and request that the authorized cardholders account be removed immediately. You will then be instructed to destroy the cards as well as contact any biller that has the card on file.
To remove your name as an authorized user, start by calling the credit card issuer and simply asking them to remove you from the account. Depending on the bank, you may be able to request this change even though youre only the authorized user.
Tips to protect your money during divorce Pay off the joint cards together or divide up the debt on joint cards and transfer it to cards in each partners name. Cancel all joint credit cards. Clearly agree to who will pay off the debt on which cards.

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