Millions of people in the United States who are married have separate credit cards. Some of these married people keep the separate credit accounts hidden from their spouses, while others openly use the separate accounts to buy whatever they deem necessary in life. Here's some reasons why couples should not have separate credit cards in Elizabethtown.
One of the most important pieces of advice that financial planners like to give their clients is that married couples should have joint credit card accounts. Many people think that they won't be responsible for the debt incurred by their spouse on a separate credit card. This cannot be further from the truth. Almost all debt acquired during a marriage can be divided between both spouses during a divorce.
Another important tip here is that both people in the marriage should review the monthly statements of all credit card accounts. This ensures that both spouses know and understand what is being purchased, how money is being used and how much debt they have.
What makes this situation so scary for some is that if the couple decides to get divorced and one spouse has thousands of dollars in debt, the other spouse will be on the hook for some of it. If the spouse with the debt fails to pay it, the other spouse will now be liable for that unpaid debt.
Having separate credit cards can cause a lot of issues with married couples, including resentment and distrust. Make sure you and your spouse are on the same page regarding credit cards so that there are no surprises should your marriage end in divorce.