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Divorce is never easy and it brings many consequences for the people going through it. One of these consequences people do not consider is their credit score, and how it will be impacted during divorce. While sometimes, a divorce will hurt a credit score, there are ways to protect it so it is easier to move forward in your new life.
A divorce can hurt your credit in a number of ways. Many people feel the financial strain after a divorce because they are accustomed to living in a two-income household. When one of those incomes is no longer available, it is more difficult to make loan payments, pay bills, and more, which can ultimately hurt a person’s credit.
Additionally, during a divorce, a judge may decide that one spouse is responsible for paying debts owned jointly by the couple during property division hearings. If that happens and your spouse does not pay their portion of the payments, that will also hurt your credit score.
There may not be anything you can do about some things that might hurt your credit score, such as if your spouse does not repay their debt. Fortunately, there are steps you can take to mitigate the damage done to your credit score during divorce:
You will need legal advice for many different elements of your case when going through a divorce. At the Law Office of Martoccio & Martoccio, our experienced Hinsdale family lawyers can provide it no matter your situation. Call us today at 630-920-8855 or fill out our online form to schedule a free consultation.