Divorces can be a life-altering experience. There are so many things to consider, like telling the kids, establishing visitation rights, and figuring out the financial aspects. Sometimes, it is hard to keep track of what comes next. One of those aspects you need to keep in check is your credit. Often times your credit score may plummet after getting a divorce. Although divorce is not the direct cause of your credit score dropping, it still does indirectly affect it. If you fear that your credit score will suffer from the divorce, a divorce lawyer in Nassau County at Simonetti & Associates can help you figure out the next steps.
What causes credit to drop during a divorce?
Divorce itself isn’t the cause of a damaged credit score. The reasons for the decrease in credit score are preventable. Below are a few of the most common reasons for credit scores to drop during the divorce process:
- Joint credit accounts – Usually, the judge rules that one of the two parties in a divorce must be in charge of certain payments for the joint credit account. But what happens when your ex doesn’t pay them? Not only does their score drop, but your name is on the line too!
- You can’t pay your bills – It’s a difficult adjustment when you’re accustomed to your spouse’s income contributing to the bills. Even though you may have your own income, it takes some getting used to not having both to depend on.
- A vengeful spouse – Some divorces can be messy and full of drama. If your ex-spouse has access to your bank accounts or credit cards, they may take advantage of that power. Your divorce lawyer in Nassau County can help mediate this issue.
The idea of your credit score dropping is scary. There are ways to keep your credit where it should be:
- Separate joint accounts – It’s no easy task to depend on your ex to pay the bills. See if transferring your joint accounts to the person who is responsible for the payments is a viable option.
- Pay your bills – Not paying a bill in any situation usually doesn’t bode well for your credit score. It’s easy to lose track of your responsibilities, especially when in the midst of the divorce process. Always remain on top of your bills!
- Adjust your lifestyle and create a budget – There may be a need for some changes to your usual routine, but these changes can help protect your credit score. You may need to move into a less expensive house, get a less expensive vehicle, go out to eat less, and reduce the amount of your weekly spending.
- Change passwords to account information – Although to some this may seem a bit dramatic, this will prevent a vengeful ex from wreaking havoc on your credit score. If your ex-spouse is financially dependent on you, ask your divorce lawyer in Nassau County before taking the next steps.
Divorces can be messy, but don’t let it become a huge burden on your credit score. If you’re looking for a divorce lawyer in Nassau County, then contact Simonetti & Associates. Our firm specializing in family matters. When you come in for your FREE initial consultation, one of our lawyers can make sure you are taking the proper precautions when it comes to your divorce and handling your credit.