Tag Archives: credit score after divorce

DuPage County divorce attorneyGetting 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:

Live Within Your Means

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.

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Illinois divorce attorneyDuring a divorce, you will likely experience feelings of sadness, loss, and failure. In addition, you may be left with financial struggles because of legal fees, child support, alimony, and asset division. Since a divorce can negatively impact your credit score, it is important to understand how so that you can minimize the damage. Here are several ways divorce can affect your credit.

Your Ex-Spouse Has Access to Your Accounts

If your divorce ended on bad terms and your ex is angry, they may rack up debt on any joint credit cards and drain your bank accounts, leaving you out of money and responsible for any incurred debt. To prevent this issue, you should change all of your banking passwords and remove your ex from all of your financial accounts.

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