Save and Conquer

The following is a guest post by Tisha Kulak.

Going through a divorce is an emotional roller coaster all on it own but add money and debt into the mix and the road seems endless. While credit cards may be the last thing you are thinking about as you separate from your spouse, it is still a critical issue that should not be ignored. Mistakes and ignoring the situation can cost you a lot!

It is imperative as you go through the divorce proceedings and even after the decree is final that you get your debt organized. It is especially important that you find out and record which credit cards are in your name. You might be surprised how many married couples have no idea who name is on what bills. Also, it is critical that you ask the credit card company if your spouse has been listed on your card as an authorized user. If they are, take the steps to have them removed immediately to avoid any financial issues in the future, especially in the case of a messy divorce.

If you and your spouse share joint accounts, begin calling the credit card companies to see which accounts can be closed out and what documents are required to obtain a closed account. Be sure to follow through with the account closings and follow up to make sure they have been closed properly. Unless the aspects of your credit card matters are outlined in the divorce, it is the individual’s responsibility to maintain the monthly payments or risk a bigger financial nightmare.

As a newly divorced person, it will be essential that you stay on top of your bills and credit history. Since you no longer will rely on the income or credit rating of your spouse, it is important you continue to maintain a solid credit history and that you outline a new budget for yourself. It is often the case when people financially fail after a change in life situations such as divorce. Relying on a second income for a long period of time will require a period of adjustment, a new set of financial goals, and a new financial plan. Creating a budget and tracking your spending will help you to create a comfortable lifestyle without the added stress of financial mishaps in your new life.

Dealing with divorce is never an easy situation for anyone involved. However, adding to that the nightmare of joint credit card accounts and financial disputes will leave everyone resentful and frustrated. It is better to deal with issues as soon as possible and keep paying bills on time instead of letting your financial situation run completely out of control.

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Tisha Kulak is a writer for Creditorweb.com, where she writes about credit card offers, finances, credit cards, and responsible credit card use.

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