It is never easy to split up your finances and households after a divorce. Many couples spend decades together and share almost all of their possessions. They may also have shared or commingled debts.
Your household credit card balances could be a significant consideration during the property division proceedings in a Connecticut divorce. Who will usually have to pay the credit cards when a couple divorces?
Many factors influence the division of debt
When a Connecticut judge has to split up your marital property, they should apply the state equitable distribution law to the process. Everything from how long you stayed married and your current income to why your marriage ended and how you accrued the debts will influence what a judge thinks would be fair and who has to pay what balances.
A judge may consider the financial hardship of a spouse who has not worked throughout the marriage, and they could also consider the misconduct of one spouse, such as using credit cards to fund an extramarital affair.
It’s important to understand that a court ruling holding your ex responsible for certain credit card accounts won’t necessarily protect you from responsibility for those accounts. Until your ex transfers the balance or pays the accountant, you could still face collection activity for those accounts. You could still have some responsibility for credit card debt after a divorce if they default on an account for which you are a cosigner.
Learning more about the property division process can help you plan for your life after divorce.