If you are going through a divorce, you should consider how you can protect your credit during and after the divorce process. More often than not, spouses are burdened with their spouse’s debt and held liable for their financial issues. You must have your credit sorted and protected to land on your feet after a divorce. If you are curious about how you can protect your credit during and after a divorce, contact a devoted Rockland County Family Law Attorney who can help you take the right steps to protect your credit.
Should I Separate My Accounts to Protect My Credit from a Divorce?
If you are getting divorced, you should separate your accounts immediately. If you share any joint accounts you should close them. Typically, both parties share a joint account that they both have access to use as they please. You should note that closing a joint account can negatively impact your credit score, but your score is likely to go back up once you make consistent on-time payments with your new credit card. Even though there is a risk of your credit score dropping, it is better to ensure that you won’t be held liable for your spouse’s debt or financial issues in the future. If you don’t have any joint accounts together, your spouse may have an authorized user status on your account. You should take action immediately and revoke their authorized user status. This will deny your spouse access and protect you from any charges they try to make at your expense. Protecting yourself from future liability issues with your spouse will ultimately protect your credit during and after your divorce.
Should I Create a Budget?
When you get a divorce, your financial income is cut by a substantial amount. When there used to be two people bringing money in or one spouse relied on the other to bring home the bacon, they would need to make some changes to their budget and lifestyle choices. By creating a budget, you are prioritizing your essential needs. During the divorce process, you should be assessing what financial obligations you will be able to take on and which you simply cannot. You should creatively and effectively determine smart ways to cut down on unnecessary spending. By creating a budget you are protecting and improving your credit because you are saving money and paying bills on time.
It is always important to consult with an experienced attorney when going through the divorce process. If you are wondering what steps you can take to protect your credit during and after a divorce, contact a trusted Rockland County Contested Divorce Attorney who can help you take the necessary steps to ensure your credit is protected.
Contact Our Rockland County Family Law Firm
If you are faced with a family law matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.