credit card debt question
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credit card debt question
my wife and I have aquired credit card debt through the time of our marriage however the debt is all in her name, We have both agreed to split the debt in half how we will do this is the problem as I can not afforrd to pay a lump sum to her before the divorce. How can this be divided?
Asked on May 23, 2009 under Family Law, Wisconsin
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You should probably have an experienced divorce attorney help you with this, based on all of the facts of your case. One place to find qualified counsel is our website, http://attorneypages.com
If you've already agreed to split everything 50-50, that's a good start. There are many ways to make that happen, depending on the complete list of assets and debts. If you add up all the plusses and minuses, you'll have a marital net worth, and then you look for a way to split up that one list into two, so that each list has the same bottom line at half the original total.
One possibility you might consider, if there's enough trust left between you, is payments over time, after the divorce, as part of a binding contract, since I doubt that the credit card debt has to be paid in one lump sum anyway.
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