The divorce process involves more than determining where a person will live or who will get the family dog. It can be a very massive upheaval of one’s finances. Any Pennsylvania couple in the midst of a divorce may benefit by considering a few tips about how to deal with credit card accounts before they actually start anew.
If both parties are obligated on the credit card, both are legally obligated to keep up with the debt. If one party says they will assume payments, but they then neglect to do so, the other party can still be held accountable if their name remains on the account. The best way to deal with this scenario is to designate who will take ownership of what account and then transfer balances to new accounts to relieve the other party of responsibility. Another idea is to take any joint savings and simply pay off and close out any joint accounts.