What process do you follow to separate out credit card debt ? Spouse and I are currently working on our separation agreement. I know you have to contact credit card company but would like advice. Also are there forms that are required? Thank you
There is not one set method. It depends on what debt is separate, what is marital, and whose name the debts are in as well as what the goals of the parties are (no interaction, paying down higher cards first, etc.).
It is an American Express Card. We want to equally split the debt. Do I just call Amex to have them do this? This is joint marital debt. The debt is in both of our names. Our goal is to pay it off which we will do with the sale of our house. Thank you
It is not likely that the credit card company will just split the debt. Usually, one person must transfer a portion onto another card. If you want to pay it off with the proceeds of the sale of the house, I would suggest that each party agree to pay $X towards the credit card on a monthly basis until the sale when the balance is paid in full, and that you both further agree to not incur any additional charges on the card in the meantime.