Preparing for Divorce in Mississippi: Step 8 - Determine how to handle credit accounts
Step 8 – Get a handle on credit accounts
If divorce is imminent, you do not want to be liable for purchases made by your spouse. Similar to spouses who have raided bank accounts on learning of a divorce filing, some are known to go on shopping sprees leaving you deeper in debt.
Now is the time to determine what your credit limits are. You can call credit card companies and have them lower your credit limits. Likewise, you can cancel credit cards. Two things the majority of folks have never done. Take a look at your financial picture and determine whether you can take either of these two steps. Don’t put yourself in a worse financial position. You may need a credit card to get through a short period. That is O.K.
Before you make a final decision, talk with a lawyer. While you don’t want your spouse taking on more debt that you could be responsible for, you also don’t want to be worse off financially by closing available credit lines you have available.
