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Protecting one’s credit score during a divorce

On Behalf of | Jan 13, 2017 | Family Law

What a person’s life is like after a divorce can be affected by many things. This includes their credit score. This score can have major impacts on what sort of financial options are open to them in their post-divorce life.

So, when getting divorced, credit score can be an important thing to keep in mind. There are certain ways a person could end up facing negative credit score impacts in connection to their divorce. This includes if their divorce and its impacts result in them taking on too much debt or having struggles paying their regular bills.

Many things could impact how at risk a divorcing person is of experiencing these sorts of credit-score-harming situations in connection to their divorce, including:

  • How much the divorce ends up costing: Divorces can end up costing a lot. In some cases, high divorce expenses can put financial strains on a person that could put them into a potentially credit-endangering situation. So, it can be important for a person to avoid unnecessary costs when it comes to their divorce. One thing that can lead to a person’s divorce costing more than it had to is mistakes being made regarding legal matters related to the divorce.
  • What happens in property division in their divorce: The specifics of how property is divided in a divorce can have massive financial implications for a person. This includes impacts on how able they are to meet their immediate financial needs after a divorce (such as the paying of their bills) and how likely they would be to need to tap into debt after the divorce.
  • The actions of their ex during the divorce: When a person has joint accounts still open with their ex or still has an account that their ex has the authorization to access during their divorce, their credit score could be hurt by their ex taking actions like going on a spending spree on an account or purposefully or accidentally failing to make payments on a joint account. So, joint accounts and authorizations are something it can be important to give prompt attention to when getting a divorce.

Skilled divorce attorneys can advise divorcing individuals on what steps they can take during divorce proceedings to try to protect their financial well-being (including their credit score) and avoid mistakes that could endanger this well-being.