What does a petition for divorce mean?

What does a petition for divorce mean?

The divorce petition is a legal document filed in court by a spouse who seeks a divorce. Also called the “complaint” in some states, the petition informs the court of the filing spouse’s (called the “petitioner”) desire to end the marriage, and its filing with the court signifies the initiation of the divorce process.

How is credit card debt split in a divorce?

The basics

1. Most importantly, try to leave your marriage with no joint debt.
2. Pay off the joint cards together or divide up the debt on joint cards and transfer it to cards in each partner’s name.
3. Cancel all undiscussed joint credit cards.
4. Clearly agree to who will pay off the debt on which cards.

Is husband liable for wife’s credit card debt?

In common law states, you’re usually only liable for credit card debt if the obligation is in your name. So, if the credit card is only in your spouse’s name, you’re typically not liable for that debt.

Is debt shared in divorce?

As part of the divorce judgment, the court will divide the couple’s debts and assets. Generally, the court tries to divide assets and debts equally; however, they can also be used to balance one another. For example, a spouse who receives more property might also be assigned more debt.

Does divorce hurt your credit?

Getting divorced Actually filing for divorce doesn’t directly impact credit scores, but if you have late or missed payments on accounts as a result, it may negatively impact credit scores.

Is it better to pay off debt before divorce?

If you have any joint debt with your spouse and you can afford to, we highly recommend paying off all marital debt, even before you draw up the divorce papers. If you have any cash or savings available, you’re better off tapping into that and getting rid of the debt before the divorce is final.

Who pays credit card debt in divorce?

When you get a divorce, you are still responsible for any debt in your name. That means that if you and your spouse had a joint credit card, you are just as liable for that debt as your spouse.

How do I protect my credit during a divorce?

Here are 10 ways to safeguard your credit and finances in a divorce.

1. Close joint accounts immediately.
2. Notify creditors about your divorce.
3. Get monthly statements.
4. Don’t fight tooth and nail for the house.
5. Keep your address up to date.
6. Avoid spending binges and revenge shopping.