Texas Divorce Lawyers
Call Us Today To Schedule Your Consultation 214.849.1905

What Happens to My Credit Card Debt in a Divorce?

One of the most common questions we hear from people going beginning the divorce process is “What happens to my credit card debt?” The division of property is one of the most contested issues in divorces, but most people don’t realize that debt also has to be split between the parties as well.

In some cases, couples have accumulated more debt than assets – which can make the division of property even more contentious.

Most American couples have a significant amount of credit card debt, and in nearly every Dallas area divorce case we’ve worked on, the couples have had to share the responsibility for paying off the debt.

The easiest way to figure out if you’ll have to split your debt is to look at the account. If the account was set up for only one spouse, then that spouse will be responsible for paying off the debt. If the account is a joint account, both parties typically share the responsibility for paying it off.

Sometimes, when suddenly saddled with half of the credit card debt during the divorce process, one spouse will decide to file for bankruptcy. We always suggest consulting with a bankruptcy attorney if you’re unable to handle the debt you’re responsible for paying.

If you’re facing a divorce and wondering which debts you’ll be responsible for, you should call us today at (214) 849-1905 or fill out our contact form to schedule a free consultation. We can sit down and take a look at your assets and debts and help you determine what you’ll likely have to split in your divorce.

Categories: