Divorce And How To Manage Its Impact On Your Credit Score

Divorce And How To Manage Its Impact On Your Credit Score

Maintaining a good credit score after divorce always sounds like rocket science, but it isn’t. More often than not, it is always agreeing with your ex who will manage what after separation and what to do with your debts. Unfortunately, most spouses hardly even see eye to eye with each other by the time they file divorce. One goes north and the other south. Before long, revenge games begin. That is where trouble begins. It could be something as simple as spending on another’s credit card. The effect of that seemingly simple act always proves problematic in the end. Poor credit scores simply come along. Fortunately, such situations can always be avoided. Here is how.

Act before it is too late

This simply means making sure that you are in full control of everything before filing for divorce. If you had a joint bill account with your ex, make sure you are clear on who will be responsible for the account. Another alternative is to wait for a court’s ruling.it is a good alternative but it can take time. Then there is the fact that a ruling may go against what you had hoped for. So if possible, have a talk with your spouse before you can even file for divorce. If you had a prenuptial agreements then refer to it.

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Seek help

It may sound silly on the face of it. But it isn’t. Speak to your attorney informally on what to do with your finances and how your divorce can affect your credit scores. You will be surprised at how much you will learn and how it is easy to prevent some things before it is too late. Be sure to also speak to a good financial planner. If possible, tag your Ex along. That way, you can agree on so many things before you can go your separate ways.

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