Divorce is an emotionally challenging time when you may be preoccupied with child custody, property and insurance issues. However, your finances are just as important.
While a divorce alone won’t hurt your credit, certain consequences of divorce could. When a relationship ends on bad terms, joint accounts with missed or late payments will tarnish your credit.
Protect accounts in your name
- Obtain current credit reports so that you can see all accounts listed in your name, and those listed jointly. The value of an accurate report is priceless.
- Establish a budget and payment plan for your obligations. Pay attention to obligations that you must pay, such as mortgages and utilities, and those that may be considered as luxuries.
- Evaluate accounts in joint names. Discuss with your attorney whether these accounts can be closed and/or reassigned to you or your spouse.
- Learn the difference between credit score and credit report.
For more detailed information on how to handle your finances during a divorce, consult with a family law attorney that is aware of the types of consumer protection issues that divorce clients face.
Get Legal Help
Flitter Milz is a nationally recognized consumer protection law firm that represents victims of credit reporting errors and abusive collectors tactics. Contact Us to discuss inaccuracies on your credit report, or letters and phone calls from collectors. There is no cost for the legal review.