Right off the bat, people going through a divorce are going to start concerning
themselves with asset division,
child custody rights, and other frequently discussed topics. It makes sense to want to take
care of the bigger pictures upfront. It is equally important, however,
not to miss the smaller or less common topics, such as your credit score.
Divorces do not directly affect credit scores or credit reports, but you
might find that your credit is worse after all is said and done than before.
How does this happen?
Oftentimes, divorcing couples will have a joint credit account between
them. In order for your divorce to be as final as you want it to be, you
are going to have to either shut that account down or take steps to remove
your spouse’s name. Both of these procedures
do have the potential to negatively affect your score, although it is not
What is a Divorce Decree?
When you are going through a divorce with shared credit accounts, you should
eventually come across a divorce decree. This bit of documentation can
state who is ultimately responsible for any accounts opened during the
marriage. If the person named in the divorce decree cannot or does not
fully pay any debts on the shared accounts, the action will hit both spouses
in the end, divorced or not. This means that if your ex-spouse is putting
off their responsibilities according to a joint credit account, you might
need to be concerned.
At Hollingsworth & Zivitz, our experienced Indianapolis divorce attorneys
can assist you if you are worried about damage to your credit score or
credit report during a divorce. We can ensure that appropriate steps are
taken to shut down or otherwise manage any joint credit accounts before
things get out of hand. Call
317.DIVORCE today to
request a consultation with our compassionate and talented team.