Legal Question in Credit and Debt Law in Iowa
Credit Card Responsibility after Divorce
There is $4000 owed on a mutual credit card between my ex and I and we are both responsible for half. The ex is NOT trustworthy to pay their share of the balance. I am concerned about how this could affect my credit. The divorce is still in the process. Is it possible for me to assume the entire balance and then make a new contract between us for the ex to pay me so that my credit doesnt get affected, but so that they are still responsible for their share of the balance?
1 Answer from Attorneys
Re: Credit Card Responsibility after Divorce
if you are in a position to pay the entire credit
card balance go ahead so that it will not affect
your credit. Unless the credit card company
agrees to a new contract, you and your husband
will be liable jointly and severally for the debt
even if you pay the company alone. What this means
is that the credit card company can come against
either or both of you if you default. l will advice
you include your proposal to make your husband
solely responsible for this debt in your divorce
settlement so that you can have a basis for a
future action against him to recover the amount
already paid by you to the credit card company.
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