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Think about your credit when you file for divorce

Posted on in High Asset Divorce

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Your divorce affects just about every aspect of your life. Your credit score can be one of those aspects. You might think that as long as you pay your share of the bills that your ex deciding not to pay his or her share won't affect your credit score. That, however, isn't how it works.

The contract that you have with creditors is one that isn't subject to civil judgments that the creditor wasn't a part of. That means that because your divorce was between you and your ex, the creditors don't have to abide by the terms of the divorce. The creditors can still come after you if your ex doesn't pay the bills.

Even though you might have to deal with some damage to your credit, it is possible to minimize the damage that will be done. You can find out if creditors will transfer accounts to individual accounts. You can also close out all joint accounts. By doing this, you won't have the risk of your ex running up bills that he or she won't pay and that have the potential to damage your credit report.

In the transfer from joint accounts to individual accounts, you might have to reapply for credit. That is a commonplace practice that shouldn't shock you if it does occur. Even if you aren't able to get new credit right away, you should still close out joint accounts so that you won't be held liable for new charges that might occur.

When you are going through the divorce process, you have to consider how each decision will affect you. This can be rather difficult since you can't see into the future. Having your questions answered by someone who is familiar with the effects of divorce might help you to better understand the impact of your decisions.

Source: FindLaw, "Credit and Divorce," accessed Aug. 18, 2016

Tagged in: High Asset Divorce
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