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Avoiding Divorce Mistakes to Protect Your Credit Score

Posted on in Divorce

Wheaton Divorce Attorneys

When you go through a divorce, sometimes things slip through the cracks. The mental exhaustion most couples endure means they often do not operate at full capacity day-to-day, which is understandable. It is important, however, to keep up as best you can, and that includes your finances. 

There are numerous steps to take during a divorce to protect your credit. Here are some of the key divorce tips to remember:

Avoid Shopping Out of Spite

If you are a person who likes to shop, you may feel an urge to go on a big shopping spree while you are in the middle of a divorce. It might make you feel better, or take your mind off things, but it is not a good idea to spend a lot of money if you might have trouble paying it off. It can take months or years for your credit to rebound if you spend a bunch of money out of sadness or anger toward your ex-spouse. 

Update Your Information

Keeping your information up to date is simple, which is why it often slips through the cracks. If you move to a new residence, you should update your contact information with your creditors, post office, divorce attorney, family members, and so on. If you receive billing statements through the mail and do not update your address, you could forget when a payment is due, which can negatively affect your credit score. 

Close Any Joint Accounts

Most couples have joint bank accounts, credit cards, or other accounts together. Once you know you are about to begin the divorce process, closing those accounts should be one of the first things you do. If the accounts are left open, your ex also has access to them. They could add to your debt or miss a payment, which would impact your credit since your name is on the account. 

Contact a Knowledgeable Wheaton Divorce Lawyer

Once you decide you want a divorce, you need a skilled DuPage County divorce attorney. The lawyers at Anderson & Associates, P.C can help you pursue the divorce settlement you desire, and make the process easier along the way. Contact us at 630-653-9400 to set up a free consultation.

Source:

https://www.aarp.org/money/credit-loans-debt/info-12-2012/protect-your-credit-in-divorce.html

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