1. Marriage Takes Effort
While the authors of this article certainly understand the arguments that couples may have against signing a prenuptial agreement prior to beginning their matrimonial journey, we nonetheless must remind all prospective spouses about how difficult the process of divorce and disposition of assets (and debt loads, as well) may be, especially given the laws regarding community property enacted by the California legislature decades ago. The prenuptial agreement has become increasingly commonplace for all types of couples, regardless of their economic backgrounds, and it’s not hard to imagine a time in the not too distant future wherein this sort of arrangement – however cold blooded and mercenary it may currently seem – would be the rule, rather the exception.
Even if you decide to forego the aid of a legally binding document protecting your rights and limiting your liabilities in the worst of all possible scenarios, we strenuously urge all couples to at least keep some vague record of purchases and subsequent debts for mutually obtained credit card balances. Not only will this be of great usefulness during tax season as you peer through receipts, you may end up depending upon such a ledger during the process of divorce and (what may be unbelievably bitter)
California credit card debt settlement.
2. Til Debt Do You Part
Consumer finance counselors and divorce lawyers alike around the state of California are unanimous in their calls to sever all credit card debt linkages well before a couple ever begins the process of separation in earnest for reasons that shall become obvious the more you both learn about the potential troubles that may arise from jointly held creditor accounts. Most notably, if one member of the past partnership cannot hold up his or her end of the agreement and fails to avoid bankruptcy declaration, the entirety of the debt onus shall immediately fall upon the pocketbook of the more fiscally responsible husband or wife.
Even if you have previously instituted some legal parameters within the divorce agreement that forces your former spouse to be held personally liable for credit card debt otherwise held jointly, keep in mind that the only way to realistically force the ex to take charge of his or her obligations would be further court actions, necessitating additional attorney costs. Regardless of your plans, however, you certainly want to at the very least cancel the accounts, and, if this would be applicable, block the ex (or any member of the family) as an authorized user of the credit card debt account.
3. Do Some Snooping
Investigate all available information, and make sure the articles you’re reading are accurate and up to date. Much as the state government of California has achieved a certain reputation for dynamic and trend setting legislation – particularly regarding such areas of public policy as debt relief and marital dissolution – the elected representatives in Sacramento are just as famed for constantly tinkering with the guiding regulatory practices, and you’ll want to make sure that you do not base any decisions upon data that’s been rendered obsolete.
Furthermore, while the divorce or
debt settlement web sites with the largest number of visitors (the first ones to show up after typing in a query to the search engine) should be trusted to maintain readership through the quality of their analysis and credibility of their research, even the most reputable of portals occasionally lets through an erroneous interpretation of a statute that may seem initially insignificant but, through the end of the process, prove decisive in terms of credit card debt relief efforts.