Family Law

If a divorce is imminent you do not want to be liable on any accounts on which your spouse has charging privileges. It is not unheard of for an angry spouse, upon learning of a divorce, to go on a shopping spree. Likewise, some lawyers may advise their clients to take out cash advances on joint cards to provide a cushion while the divorce is pending or to charge a large amount in lawyer?s fees on to joint cards. I do not advise clients to take out whopping cash advances. In an ideal world, clients would have some cash reserves. In Colorado, the Court does not balk at people charging for their attorneys' fees on their credit cards. Of course, if you charged $30K on a credit card unless you have a massive marital estate that needs lots of experts.

You will want to consider canceling such joint accounts or at least reducing the spending limits. If they are an authorized user on charge cards in your name, see what steps the credit card companies require to remove them as an authorized user. You may not be able to remove your spouse from cards while the divorce is pending but you can at least secure or get rid of the Sears/Victoria's Secret/Brookstone credit cards that you stuffed in the glove compartment of the car.

Also consider home equity lines of credit. You may need to consider whether you should close it or restrict access pending the resolution of the divorce.

Whatever you do, do not neglect thinking seriously about how to handle this issue, and discuss it with your lawyer before making a final decision.