Legal Question in Family Law in New York
credit card debts
Currently we are married, but having a lot of problems. We owe about close to$25K on credit cards. This debt was on four different credit cards and I transferred all in one low interest rated credit card and trying to pay it off slowly. In the case of our seperation, what is the legal way of dividing this debt. Is it fiftyfifty? Also, how can I protect myself from her ruining my credit, if she decides to use the available credit cards on my name in her purse right now?
3 Answers from Attorneys
Re: credit card debts
If you should decide to separate, all of your concerns may be addressed in a Separation Agreement. Needless to say, both of you would have to come to an agreement as to how things should be handled.
If you need an attorney, please feel free to keep me in mind (212) 971-1384.
Re: credit card debts
You are correct. This is a potential problem.
This will be a point of contention; whether the credit card debt should be paid by one of you, which one, or both. The likely outcome is that it will adhere to both of you and both credit ratings will be affected.
Cancelling all of the 'other cards' is a good start.
You are welcome to a consultation for no fee.
Re: credit card debts
you should be doing pre divorce planning to limit future liabiities. you can call me for a free telephone consultation at 516 466 5297
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