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Who pays the credit cards in a New York divorce?

On Behalf of | Jun 12, 2022 | Divorce |

One of the most difficult parts of divorce is the practical process of separating your life from your spouse’s life. You have probably shared everything, from bedrooms to bank accounts, for years. 

You have to divide your belongings with one another as you negotiate your divorce. You will also need to divide your financial responsibilities, like your credit cards. Who pays your credit card balances in a New York divorce? 

Both spouses may have some responsibility

According to the equitable distribution rules used in New York divorces, the court can assign financial responsibility for marital debt to both spouses. Credit card debt acquired during the marriage could be the responsibility of one spouse or of both. 

A judge could order the higher-earning spouse to pay the credit cards or have one spouse pay the credit cards as part of refinancing to change ownership of the marital home. The date that you accrued the debts will have more of an impact on whether you have to theoretically help pay it off than the name on the account. Shared accounts, as well as debts in one spouse’s name, will play a role in property division in most cases. 

There is no certainty as to how a judge will rule regarding your property and debts unless you have a premarital or postnuptial agreement. They will simply try to arrive at a settlement that is fair for everyone based on their knowledge of your situation. Understanding the rules that apply to divorce proceedings in New York can help as you prepare for negotiations with your ex or litigation in the family courts.