By David P. Badanes, Esq.

If you are getting divorced and you have credit card debt, that debt must be considered in the divorce.  All debts, including credit card debt, must be allocated among the divorcing couple.  In most instances, it does not matter that you never charge anything on that particular credit card.  So, for example, if the wife only used the Bloomingdale’s card and the husband only used the Home Depot card, any debt on both of those cards is considered a marital debt and each party is 50% responsible for the total amount of debt.

After the divorce, it is important to make sure that only your name is associated with a particular credit card.  In many marriages, both parties have the right to charge items on a particular credit card.  During the divorce, and definitely after the divorce, you need to verify that each credit card you have, that you are the only authorized user.

Although credit cards are often associated with debt, they also can be an asset.  Many credit cards earn some type of benefit.  Benefits range from “credit card points”, which could be cashed in, airline miles, gift cards or merchandise.  In addition, since during a divorce, your individual credit score may decrease, an existing credit card has the value of not having to apply for another credit card.

Accordingly, credit cards can be an important component and not just an “after-thought” in your divorce.

If you are thinking of getting divorce, The Badanes Law Office can assist you.  Call David Badanes and the Badanes Law Office today at 631-239-1702, email at  [email protected] or visit our web site:www.dbnylaw.com.  The Badanes Law Office has offices in Northport, Suffolk County and Garden City, Nassau County.

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Related article: Divorce and Your Credit Rating