Divorce and Your Credit
Divorce is not just an emotionally difficult process; the upheaval in your personal finances can also be hard to predict or cope with. In addition to dividing property, arranging child or pet custody, and so on, you and your spouse may also be dividing your debts. Sadly, many recently divorced people find themselves deeply in debt, living with damaged credit, or even facing bankruptcy.
The good news is that these problems are generally avoidable or at least manageable. By taking care of your finances before, during, and after divorce, you can greatly lower your chances of monetary problems. To learn more about your rights and responsibilities in the divorce process, call the Raleigh divorce lawyers of Marshall & Taylor PLLC at (919) 833-1040.
Protect Your Credit
If you are preparing to file for divorce or already in process, you may want to follow these basic tips for protecting your credit rating:
- Cancel any jointly owned credit cards. Banks and credit card companies do not care if you have divorced; any debt your ex-spouse runs up is your debt as well. Let your spouse know that you intend to cancel your joint cards, then do so immediately.
- Do not sign any agreements without speaking to a Raleigh divorce lawyer. Unfortunately, many people are willing to use deceptive tactics to help themselves in divorce hearings. A proposed property division plan from your ex may not be as beneficial to you as it sounds.
- Get your own bank account. It is sadly common for people to empty joint bank accounts as a kind of “revenge” during divorce. Take control of your finances and begin your own bank account so that you are ready to move on when the divorce is finalized.
Many people do not realize that they are still responsible for shared debts after a divorce, even if joint accounts have been closed. Make sure you have a clear understanding of your rights and options.
The Raleigh divorce attorneys at Marshall & Taylor PLLC offer the kind of experienced counsel you need to protect yourself during divorce. Contact us at (919) 833-1040.