Divorce doesn’t just affect your emotions, it can also affect your finances, including your credit. Many people don’t realize that during a divorce, debts and joint accounts can cause big problems if they’re not handled carefully like continuing to make payments on time. Protecting your credit is an important part of protecting your financial future.
One key step is to understand which debts are in your name and which are shared. Even if a divorce agreement says your ex is responsible for a certain debt, lenders don’t care. If your name is still on the account, you’re still on the hook if payments are missed. That’s why it’s smart to close joint credit cards and separate your finances as much as possible during the divorce process.
You should also check your credit report regularly. Look for missed payments, unfamiliar accounts, or mistakes that could hurt your credit score. If you need to refinance loans, transfer balances, or adjust payment plans, it’s better to do this sooner rather than later. And remember, building (or rebuilding) your own credit after a divorce takes time, but staying organized and proactive can make a big difference.
If you’re going through a divorce and want to protect your credit, The Grey Legal Group, APC is here to help. Our experienced family law attorneys can guide you through the financial side of divorce and help you create a plan that supports your future. Contact us today to schedule a consultation and take the next step toward financial peace of mind.