Whether you are married or planning a wedding, there are quite a few important discussions you need to have with your significant other. One of those discussions should center around finances and the use of credit cards. Credit cards can get a lot of people in trouble with debt in a short period. The most commonly asked question is why should I have a joint credit card with my spouse?
It's important to know where your money is being spent at all times. That's why spouses should not have separate credit cards. When they do, it gives them the ability to buy whatever they choose and spend as much as they want without any responsibility. This is where things can get tricky if you ever get a divorce.
Once you find out about the separate credit card, you will likely be hurt. You need to understand that this debt is now the responsibility of both of you. That means that if your spouse cannot repay the debt, you are liable for it even though it was racked up on a credit card in just your spouse's name.
Should you file for divorce, it's very likely that this separate debt will be divided, along with all other marital debt, and the two of you will be stuck paying it down for the foreseeable future.
Keeping your credit cards in both names during a marriage helps to reduce the surprises you could run into should you file for divorce. You will know where your money is being spent and how much debt you have in Crystal Lake.