Disentangling a jointly run life is messy, expensive and complicated; there is no other way around it. Unfortunately, that could mean that your credit score will take a hit as you begin taking control of your financial security. This post will go over the five most common ways your credit could be affected by a recent divorce.
Often spouses will divide up the duties between them. One may take care of the credit cards while another manages the bank accounts. During a divorce, that cooperation ends. If your ex-spouse stops making payments on joint accounts or credit cards that will affect your credit score. You may think that you didn’t open that credit card, or you are not responsible for paying it, but that does not matter. Take it from the perspective of the creditor; it isn’t their job to sort out your personal life. They are only concerned with getting paid by whoever will pay them.
Expenses rapidly balloon. Many people do not appreciate how much your life will change after a divorce. You are going from a two-income to a one-income home, or you are going from a home in which you were supported 100 percent by your spouse to not being supported at all. That takes an adjustment, but you must be quick. Those expenses continue to pile up, and many people drown in credit card debt as they struggle to make ends meet. Don’t fall into that trap and come up with a post-divorce budget as soon as possible.
Divorce, as you can see, is a complicated endeavor. If you are going through a divorce, then you may want to speak to an attorney. A lawyer can help you anticipate not just the legal issues but the emotional and financial problems. You don’t need to go through this alone; an attorney can assist you into this next chapter in your life.