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Protecting individual credit may be a key aspect of a divorce

On Behalf of | May 22, 2020 | Divorce

It is unfortunate that many Florida marriages end in divorce. However, there are times when the situation is so problematic that people feel compelled to start over. Issues that arise in many divorces include child custody, child support, alimony and property division. While these are undoubtedly important, there are other aspects to consider including individual credit.

To address credit in preparation of divorce, there are certain strategies that could be imperative. Knowing one’s credit score can help to mitigate potential challenges. Clearing joint accounts and removing the spouse’s authorization can prevent debts from accruing and the credit score from being harmed.

The separation of accounts may be key to a good credit score because the other spouse might accrue debt, miss payments or make late payments that reflect poorly on the credit report. In addition, a person will want to build his or her own credit with an individual account. Informing creditors of the situation might help with closing the account. Placing a freeze on the credit can prevent unnecessary spending. Every marital circumstance is different, and while some couples do end the marriage on good terms, others have acrimony that can result in poor behavior.

Financial abuse can be avoided by having adequate protections involved with freezing credit. This stops the person who froze the credit from opening an account, but it is a useful shield. After a divorce, people may see a drop in their credit score. This can be problematic as they seek to find a new place to live, buy a car and purchase goods and services. While other parts of a divorce will likely receive attention, forgetting credit can cause issues later. For this and any other aspect of a divorce, an experienced law firm may be able to help.