Going through a divorce entails the separation of you and your spouse, not only in terms of your marriage but also your personal property and sometimes debt. Therefore, it is important to ensure that your divorce proceedings do not negatively impact your credit, which could be detrimental to your ability to purchase a home and make other important financial decisions in the future.
To protect your best interests, it is helpful to work with an experienced divorce attorney from the outset of your divorce. Your attorney will carefully assess the situation and provide a strategy supporting the best possible outcome on your behalf that aligns with the goals we’ll discuss and determine together. If you hope to protect your financial future and credit during your divorce, one of the divorce lawyers from Simpson Legal Group, LLC is available to help.
Tips to Protect Your Credit During Your Divorce
In the United States, divorce is increasingly common, and the AARP presents the following action list to complete as soon as possible after you have determined that a divorce is pending or likely to protect your assets and credit score:
- Close joint accounts as soon as possible: maintaining joint access to accounts as the divorce begins can lead to nasty disputes and recovery actions down the line.
- Inform your creditors of your pending divorce: avoiding additional joint debt once a divorce has been decided upon can mean the difference between a low or high credit score after the divorce.
- Reach out to your joint accounts with outstanding balances to request your own paper copies of statements for your records: divorce proceedings depend on documentation, and being closed out of access to key information about joint accounts can cause delays and issues.
- Carefully consider the division of your home and other major assets, but don’t endlessly dispute over them: the home is often the largest asset involved in a divorce, and it is helpful to have your attorney maintain an objective financial focus on your behalf, as sentiment is natural and can influence how this asset is divided.
- Maintain a current address with your creditors and other concerned parties: again, support your ability to maintain active and current records of your debts and creditors.
- Focus on maintaining financial liquidity and avoiding large expenses and unnecessary shopping until the divorce completes: paying off certain debts may help expedite things, and incurring more rather than freeing up resources can slow the divorce process.
Reach out to a Divorce Lawyer from Simpson Legal Group, LLC For Help
Going through a divorce can be difficult, and if your credit is not carefully managed, your score could be negatively impacted. A drop in your credit score can make a home more expensive or put future purchases and goals on hold while you rebuild. A carefully constructed divorce strategy from Simpson Legal Group, LLC will keep your credit in mind throughout the process as we seek to put you in the best financial position possible during and following your divorce proceedings. To get started, call us at (712) 256-9899, or visit our site to schedule a consultation.