There are several ways that your credit score could be damaged during the divorce process. You and your spouse may fail to properly communicate who is paying which joint bills, or the financial stress of the divorce and starting over could affect your ability to keep up financially. In some instances, your spouse may try to take out a loan under your name or damage your credit before the divorce is final.
While these are possibilities, it is important to understand that there are steps that you can take to prevent these problems from surfacing in your own divorce. When beginning the divorce process, be sure to run a free credit report and look at it closely. Review the report with your spouse, if possible, and take immediate action to close joint accounts, freeze joint accounts, or use joint accounts to pay off outstanding debts. In addition, make certain that you and your spouse have a plan for paying bills during the divorce process, especially in connection with any jointly owned property or in connection with your children.
Financial issues are a major concern for those considering divorce. A Seattle divorce attorney can help you navigate these issues and make certain that your divorce and property division is settled fairly. Call Molly B. Kenny at 425-460-0550 to schedule a consultation.