Divorce and Credit Scores

Everyone knows divorce can be a messy, complicated, and overwhelming process, even with amicable splits. There are so many things to hash out and divide up, that it’s easy for some seemingly small items to be overlooked if you do not have assistance from an experienced attorney. One such item that is imperative to settle before the divorce is finalized is the entirety of you and your spouse’s credit line and debt. When you and your spouse separate, you need to either close out all joint bank accounts or have your ex’s name (or your own) removed.

This also applies to credit cards. Even if the credit card is in your ex’s name, if you are listed as an authorized user your credit could be impacted and the card company may attempt (wrongly) to seek payment from you.  If you fear a vengeful ex, it would not be a bad idea to cancel all of your credit cards and request new ones.

The same thing goes for any loans. If you are a cosigner for your ex’s car and they miss a payment, whether intentionally or not, it affects your credit.  If in the divorce, your ex keeps the house and buys you out, but you didn’t remove your name from the loan, the bank could come after you for missed payments.  This almost always requires a refinancing of the loan to remove you as a co-borrower.

Don’t forget to request a credit report on a regular basis so you can make sure no one is opening new debt in your name. You can click here to see how to request credit reports.

We Are Here To Help

Divorce is deeply personal and emotionally challenging—but you don’t have to navigate them on your own. If you’re facing divorce, custody questions, or other family law concerns, our compassionate and experienced attorneys are here to support you. Contact us today to talk through your situation and explore your options. We’re ready to help you move forward with confidence.