WHAT IS THE BEST WAY TO SPLIT SHARED CREDIT CARD DEBTS?
Formally write your creditors to notify them of your impending divorce. Request they close the account, cancel the card and ask for a current statement so you have full knowledge of your joint liability. Send the letter certified mail and retain the delivery receipt in your records. And, if you haven’t already done so, establish a credit card in your own name as soon as possible! THE CREDIT CARDS WERE IN MY NAME BUT THE DEBT IS MY HUSBANDS. Credit card companies don’t care who the purchases were intended for nor who benefited from them. When you established credit in your name, regardless of the reasons you did so, you are solely responsible for any purchases and therefore all liabilities. Credit card companies will not allow you to “switch” the account holder from one account holder to another. Depending on your relationship with your former spouse, you might consider having him establish new credit in his own name and then do a “balance transfer” from your account to his. This is not
