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There’s a lot to think about as you prepare for the divorce process, with many concerns turning toward your current and future financial circumstances.

It doesn’t hold true for everyone, but many divorcing couples find that they have joint credit card debt to manage.

There’s no one size fits all approach, but there are several strategies to consider. Here’s where you should start:

1. Pay it Off Together

If you’re able to talk through your debt, you may realize that paying it off with money you have in savings is the best option. This allows you to eliminate the debt before you divorce, thus giving you one less thing to focus on during the process itself.

This is a big decision, so make sure you’re on the same page. And also, make sure you use joint funds to pay off the balance. Don’t let your soon to be ex-spouse trick you into using money that’s not subject to division.

2. Balance Transfer Credit Card

In the event that you’re not going to pay off the debt together, a balance transfer credit card is your next best option.

This allows you to transfer half the debt onto a card that’s in your name. Your spouse will do the same.

What you’re left with is a balance that you can manage however you best see fit. Furthermore, with a balance transfer credit card, you may be able to secure a zero percent introductory rate. This can save you a lot of money on interest as you start paying down your debt.

3. Deal with it During Your Divorce

It doesn’t matter if you’re working through your divorce in mediation or litigation, you can tackle matters of property and debt division at this time. You don’t have to do it in advance.

If you have other types of debt, you may be able to compromise on who takes on what. For instance, if you decide to take on all of the joint credit card debt, your spouse may be responsible for a personal loan.

Tip: don’t make a rash decision regarding your joint credit card debt in divorce. Doing so could result in a financial mistake that you regret in the long run – and that’s not something you need during this challenging time.

Final Thoughts

These are just a few of the best ways to manage joint credit card debt in divorce.

Once you know which direction you’re headed, take the time to think through the strategy that’ll be best for you and your budget in the future.

Nobody wants to be bogged down by joint credit card debt, but it could soon move to the forefront of your divorce. And if that happens, you can’t sweep it under the rug. You need to take decisive action.

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