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Parks Zeigler, PLLC - Attorneys At Law

Elizabeth City, NC 252-679-8880
Virginia Beach, VA 757-453-7744
Chesapeake, VA 757-312-0211
Roanoke, VA 540-299-5299

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Divorce and Credit Scores

October 28 Categorized: Credit Reporting Disputes

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. 


Related Information:

Student Loan Debt and Divorce
The Extended Influence of Credit Reports

Kellam T. Parks

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Parks Zeigler, PLLC
Virginia Beach Office

  • 4768 Euclid Road, Suite 103
    Virginia Beach, Virginia 23462-3810
  • 757-453-7744
  • 757-453-7578
Directions

Parks Zeigler, PLLC
Chesapeake Office

  • 524 Albemarle Drive, Suite 200
    Chesapeake, Virginia 23322-5500
  • 757-312-0211
  • 757-453-7578
Directions

Parks Zeigler, PLLC
Roanoke OFFICE

  • 25 Church Ave SW
    Roanoke, Virginia 24011-2010
  • 540-299-5299
  • 540-299-5295
Directions

Parks Zeigler, PLLC
Elizabeth City Office

  • 201 East Elizabeth Street
    Elizabeth City, NC 27209
  • 252-679-8880
  • 252-254-1380
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