You might be asking, “can divorce really affect my credit score?” That’s a complicated question! Since your marital status or any changes in your marital status do not directly affect your credit, simply filing for divorce doesn’t directly affect your credit score. However, there are many ways that your legal separation can impact your credit score throughout the divorce process. As you file for divorce or finalize your agreements, consider these important warnings for how divorce might unexpectedly hurt your credit score.
#1: Stay Organized!
Divorce is all-consuming. At least, it can definitely feel that way! Divorce takes up so much of your mental energy that you might start to not pay attention to normal tasks. You get so consumed with the divorce process that you accidentally miss credit card payments, and like any time you miss a payment, it will negatively affect your credit score.
#2: Remember that Lenders Don’t Consider Your Divorce
Many people forget that an agreement with a credit lender trumps a divorce decree. But Equifax points out that even if your divorce decree says that your former spouse has agreed to assume some of the debt from your joint accounts, you could still be legally liable for that full debt in the eyes of a lender. If your name is on the account, get an attorney’s help in setting things right so that creditors don’t come after you unexpectedly!
#3: Have a Plan for When Your Ex Doesn’t Pay Your Joint Bills
In many divorces, couples agree to split credit card bills or other debts. But of course, sometimes the other party doesn’t follow through. According to NerdWallet, if your ex doesn’t pay the bills as agreed, you’ll be financially responsible when the creditors come knocking! Talk to your divorce attorney about a plan for keeping you protected in the event that your ex-spouse doesn’t pay their share of the bills.
#4: Don’t Let Your Ex Keep Access to Your Accounts
Even if the divorce proceedings begin amicably, things can change fast! Avoid getting financially impacted by an argument or hurt feelings, and remove your spouse from your credit accounts and bank accounts as soon as possible. There are too many stories about a spouse who gets vindictive and takes it out on your credit score!
#5: Hire a Divorce Attorney Experienced in Protecting Your Rights
While it is technically possible to file for divorce on your own, having a seasoned divorce attorney by your side helps you avoid the frustrating situations mentioned above and more! Attorneys like Michael M. Raheb can anticipate problems before they happen and help you navigate even the most complex aspects of your divorce.
Are you going through a divorce in Naples, FL? Don’t hesitate to contact us today at 239-226-0888 or send us a message online. We offer free 30-minute phone consultations to get you started on your case.
2423 First Street,
Fort Myers FL 33901
Fax Number: 866-949-0888