Very little if anything in life is free, especially divorce. The process can be expensive on the front end, but did you know it could have lifelong ramifications if not handled properly? That is why protecting your credit in a divorce is so important.
When it comes to splitting up assets acquired jointly in the marriage, most people often think of homes and vehicles but most often overlook the mortgages or loans also acquired when making those joint purchases.
It’s important to note that just because your separation from your former spouse has become final, the divorce decree does not remove your responsibility from any debt that may have been acquired during the marriage!
Below are a few tips for making sure your credit doesn’t become poor following your divorce:
Stay on top of your payments
Big loans such as home mortgages or vehicle loans can often take time to close and or have assigned to yourself of your former partner. It’s important you work together with your former spouse to ensure payments are made on time until the shared account has been closed by the bank or loan provider.
Monitor your credit
Not all divorce cases are the same. Some end amicably while others can end with bitterness and disdain. It’s important to stay on top of credit to ensure that your former partner has not used your personal information to open new accounts or make new purchases.
At Southern Oaks Law Firm, our goal is simple: to provide the greatest possible client experience to each and every member of the client family. That means clear and consistent communication and availability; compassionate, attentive client service; and complete and efficient delivery of family law services.