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Things To Consider About Credit Cards During A Divorce

Posted by Unknown | Sep 09, 2020 | 0 Comments

things to consider about credit cards during a divorce

Drama-Free Divorce can provide helpful insights on "things to consider about credit cards during a divorce." Kansas City residents can take advantage of our affordable financing options starting at $500 per month, designed to be transparent pricing without unexpected costs or delays. We aim to reduce stress and inconvenience related to legal proceedings by requiring minimal or no court appearances; and our knowledgeable, but also compassionate attorneys understand your circumstances during this difficult period of time, providing support with the highest level of professionalism and empathy.

Consideration should be given to how divorce impacts finances and credit cards, with this article exploring various aspects of credit card usage during divorce, from canceling joint accounts to safeguarding credit scores - we will also explore steps for hiring a divorce lawyer and their importance and steps necessary.


What happens with credit cards after divorce?

Divorce can have a dramatic impact on both you and your finances, including how you manage credit cards. Understanding the impact that divorce and its proceedings will have on these is essential.

  • Prepare yourself to manage your own credit cards independently.
  • Joint credit cards can be more complicated. When considering divorce proceedings, it's essential that you consider closing or transferring balances or assigning debts from one card to the next as they pertain to joint accounts.


Can I cancel a joint credit card during a divorce?

Canceling a joint credit card can be tricky, and here are some things you should keep in mind before doing so:

  • Communicate with your ex-spouse: Discuss with your ex-spouse your intentions and agree on a strategy for handling their joint credit card account.
  • Pay off or transfer balances: Before closing joint accounts, ensure any outstanding balances have either been paid off or transferred onto individual cards.
  • Contact the credit card issuer: Inquire of their company about closing a joint account.
  • Update your account information: It is essential that you update your contact details, remove an authorized user who was once part of your relationship, and change their status from authorizing user to no authorized user.


6 Ways To Protect Your Credit in Divorce

  1. Monitor Your Credit Report: Monitor your credit report regularly for any anomalies or suspicious activity.
  2. Closing Joint Accounts: Closing joint accounts may help protect you against your former partner's actions having an adverse impact on your credit.
  3. Create Your Individual Credit History: If you do not yet have individual credit, open accounts and begin building it now.
  4. Communicate with Creditors: Maintain communication with all creditors regarding your divorce proceedings.
  5. Create a Budget: Developing a budget will enable you to more effectively manage your finances both during and post-divorce.
  6. Seek Professional Advice: Seeking financial advice may help you to manage your finances after divorce more efficiently.


Who is Responsible for Credit Card Debt in a Divorce?

Credit card debt issues during a divorce depend on various factors, including state laws and court orders as well as agreements between spouses. Usually, both are responsible for debts incurred jointly during marriage.


Why is hiring a divorce attorney better than not having one?

Hiring an attorney to assist in navigating the complexities of divorce can be beneficial. Here's why:

  • Legal Expertise: Attorneys have vast knowledge in all facets of divorce law and can guide you through this complex process.
  • Negotiation Skills: These professionals possessing negotiation abilities can assist in reaching an optimal resolution of your negotiations.
  • Documenting and Filing: Attorneys take great care in creating all legal documents and files accurately.
  • Objective Perspective: An objective viewpoint can help you make rational decisions when in an emotional state.


When is the right time to hire an attorney?

At the appropriate time, hiring a divorce attorney is crucial. But when should you consult one?

  • Your marriage has taken an unfavorable turn and now you anticipate an acrimonious divorce process.
  • Financial matters can be extremely complex.
  • Resolving child custody and support matters is of utmost importance.
  • Your spouse has already hired a lawyer.


What criteria must I follow to select an effective attorney?

Finding the ideal divorce lawyer is essential, so here are some important criteria to keep in mind when searching.

  • Experience: When hiring an attorney for divorce and family law cases, look for one with extensive experience.
  • Reputation: Check reviews online and seek recommendations from friends or family.
  • Communication: Choose an attorney who will listen carefully and keep you up-to-date.
  • Fees: Communicate the fees and payment plans to your budget.


Why Choose Drama-Free Divorce?

Drama-Free Divorce stands up to and exceeds these criteria. Our divorce attorneys are committed to safeguarding your financial interests during the divorce process while helping guide it successfully. We value open communication and will do everything possible to get the best possible result for our clients.


Suggestions for Action 

  • Consult an Attorney: Arrange to meet with a divorce lawyer to discuss your case and develop an action plan together.
  • Review Your Finances: Take an in-depth look at your finances and generate an overview of all assets and liabilities, from assets such as stocks to liabilities such as loans and credit card bills.
  • Joint Accounts: Work together with your former partner to close all joint credit cards or assign responsibility for every account that remains open after you've parted ways.
  • Start Monitoring Your Credit Frequently: Be vigilant in keeping tabs on your credit history to detect any anomalies that might emerge.
  • Establish a Budget: To maintain financial security following a divorce, create a budget.
  • Reach Out: Divorce can be an emotional ordeal; don't hesitate to seek support from friends, family, and therapists as you navigate this challenging path.

Divorce can be an emotionally trying time. With professional guidance and careful planning, however, you can successfully navigate the divorce process. Consult an experienced divorce attorney in order to protect your rights and interests during this process. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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