If you and your spouse have decided to go ahead with a divorce, you will have to figure out how to separate your finances. You might have your credit cards in mind but do not consider them as a priority compared to other matters like your bank accounts. However, you should devote some time with your spouse to sort out your credit cards before the divorce is complete.
Having a discussion about your credit cards may help you establish a good working relationship with your spouse, which is especially important if you two will co-parent following the divorce. Nerdwallet describes what points to go over when you and your spouse start talking about your credit cards.
Figure out how many cards you have
First, you should establish how many credit cards exist with your name on them. This may be easy to figure out with the cards you have only in your name, but many couples have cards with both their names on them. So it is possible there is a card or two that you share with your spouse but have forgotten about.
Your spouse may help you gather all the cards that bear both of your names. However, if you have reason to doubt your spouse, you could ask the three credit reporting bureaus to give you a copy of your credit report. These reports will give you a list of your credit cards as well as any loans you have taken out. This should help you understand your current financial liabilities.
Divide the jointly owned cards
Once you know which cards you share with your spouse, you will have to figure out who should keep which card. While it might seem easy to just close the jointly owned accounts, discarding your older cards might affect your credit score since older cards may help boost your credit if you have kept up payments.
It may be a better solution to remove a spouse from a card and let the other spouse keep it. If you are an authorized user, your spouse may take your name off and remain as the primary account user. If you have a jointly owned account, you and your spouse will need to contact the card issuer to remove one of you from the card. These and other options can help you enter your post-marriage life in good financial shape.