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How Do I Handle Credit & Financial Concerns During & After Divorce?

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In the midst of going through divorce, it can be difficult to keep track of your credit and ask questions when it comes to important financial decisions. However, it is extremely important to stay on top of your credit reports; both before and after divorce. Specifically, if joint accounts are not separated correctly, and information is not properly adjusted, there could be some serious consequences. Failing to handle these accounts properly can affect your ability to qualify for credit and increases the ability for your ex to potentially damage your score.

When To Start Collecting Credit Reports

Part of this involves obtaining credit port reports before your divorce is official. This can be useful to remind you under what accounts you are the primary authorized user, or if an account is, instead, a joint account. This is awful also helpful in terms of collecting all of the documents you will need concerning cosigned loans and co-owned property.

When To Start Building Your Credit

It is especially important to start building your credit independently, and as soon as possible, if all the credit was primarily in your spouse’s name while you were married. It is never a good idea to wait for divorce to be final to start to building your own credit because this could very well affect your ability to take care of yourself and become independent.

Verifying After Divorce

After the divorce, you will also want to obtain another credit report and make sure that everything looks good. Specifically, you want to make sure that the information that was supposed to be removed–was removed–such as a credit card that is no longer authorized for one person or the other to use. You also want to confirm that any accounts that are supposed to be solely yours are no longer listed in connection with your ex and that any other important information has been straightened out, such as the distinction between your spouse‘s address and yours. Any mistakes that you find can be disputed then and there in order to ensure that your credit report looks good and accurate so that you can move forward. Because errors like these can pop up for anyone, checking your credit reports regularly and monitoring your score is extremely important.

Don’t Be Shy About Asking Questions

It is no surprise that many people who get divorced fail to discuss a number of financial issues that concern them with family members and others, although it has been proven that this “secrecy” only negatively affects them in terms of being able to save money, pay off debt, and take care of themselves. This secrecy surrounding divorce agreements and the potential for embarrassment can essentially land you in a less-than-ideal financial situation.

However, is important to note that speaking out during times of distress can sometimes help you conquer that stress, especially when it comes to issues surrounding finances. While for some, this means discussing their financial concerns during and after divorce with their loved ones, while perhaps still setting strict boundaries concerning how much they share; for others, it might mean building your own support team of people going through a similar experience and/or those who have a particular expertise that they can share, such as financial advisors.

Regardless of where you are regarding concerns over credit and finances before, during, and after divorce, you can count on our Orlando divorce attorneys to assist you in getting through the divorce process, while also ensuring that you and your loved ones are taken care of. Contact us today at Greater Orlando Family Law for a free consultation to get started.

Resource:

cnbc.com/2019/04/04/dont-let-money-woes-silence-you-after-a-divorce-take-these-steps-to-get-a-plan-in-place.html

https://www.orlandolegal.com/what-is-grey-divorce-and-what-considerations-should-i-take-into-account-if-im-divorcing-later-in-life/

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