There are many things it is important to protect during a divorce and its aftermath. This includes your credit. Today we'll go over some divorce-related matters that can endanger your credit score, and what steps can be taken in response to these risks.
For one, the changes brought by a divorce can put stress on your finances. This could make keeping up with your bills more difficult. Missing payments could lower your credit score.
Forming and following a budget that reflects your post-divorce financial reality can be important.
Also, what happens with issues like property division and alimony can have impacts on your ability to meet your everyday expenses moving forward. This is why developing a strategy to protect your financial well-being can be so critical when navigating these issues.
Your credit could also be affected by how your ex-spouse acts during and after the divorce. Your ex unintentionally or purposefully missing payments on joint debt, running up debt on joint credit cards or depleting assets could hurt your score.
There are steps that could help with preventing such harmful actions, such as promptly closing joint accounts. Also, legal recourse may be available when you are the victim of such harm. What protective steps would be likely to work depends on the situation. So, when a person is concerned that his or her spouse may take harmful financial actions against him or her during a divorce, it can be important to discuss options with a skilled family law attorney.