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Getting a divorce can wreak havoc on many areas of your life, but your finances can take an especially hard hit. When you are married, your accounts, loans and bills are all typically in both you and your spouse’s name, but that can be disastrous, especially if your divorce is particularly contentious.
After your divorce, you have to separate your finances from your spouse, but it is not uncommon for people to come out of a divorce with quite a bit of debt and some damaged credit. Without good credit, it can be difficult for you to get loans in your name or obtain housing, among other things. Here are a few things you can do to return your credit back to a healthy state after your divorce:
Now that you are separating your finances from your spouse’s, you need to look at your expenses and income and determine whether you are making enough to live. You should create a budget that outlines all of your necessary monthly expenses, your optional monthly expenses and money for spending. Keeping a good credit score is mostly dependant on paying your bills on time and keeping your debt low. Living within your new means will help.
In certain situations where one spouse makes significantly more money than the other, the idea of divorcing can be scary -- especially if your spouse is combative and refuses to pay bills. You should make paying your bills on time your number one priority -- even one missed payment on a credit card or mortgage can drop your credit score.
Finally, it is extremely important that you close all joint accounts that have both you and your spouse’s name on them. Even if you and your spouse have agreed that neither of you will use your joint accounts or rack up new debt, you could be legally responsible for any new debt that is accrued with your name on it.
Divorces can be financially draining, but with proper planning and help from a knowledgeable DuPage County divorce lawyer, your divorce can be an opportunity for a fresh start. At the Law Office of Martoccio & Martoccio, we can help you make financially savvy decisions that will help you come out of the divorce in the best shape possible financially. Contact our office today to see how we can help you through your divorce. Call us at 630-920-8855 to set up a free consultation.