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Divorce & Marital Debt
A divorce decree can assign responsibility for a debt to one spouse — but creditors aren't party to that decree, and can still pursue whoever's name is actually on the account. Untangling joint debt is often as much a legal question as a financial one.
Sound familiar?
- •Jointly held credit cards or loans during or after a divorce
- •A divorce decree assigns a debt to your ex, but your name is still on the account
- •Considering opening individual credit for the first time in years
- •Debt taken on by a spouse without your knowledge
Options people in this situation weigh
- Formally closing or refinancing joint accounts into one party's name as part of the settlement process
- Working with your divorce attorney to make sure account-closure terms are actually enforceable against the creditor, not just each other
- Consolidation or settlement for debt that ends up being your sole responsibility
- Monitoring your credit report for accounts you believed were closed or reassigned
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