How to Protect Your Credit Score in a DivorcePutnam Law Office
Credit scores are what allow us to buy a house, car, or obtain better deals on loans. When our credit score dips, all kinds of financial problems can arise. One of the last things you want to deal with is credit problems on top of all the other challenges of a sudden divorce in Oklahoma, like anywhere else. Knowing what can happen with credit in a divorce can help your prepare but knowing ways to avoid bad credit can help tremendously. Try asking an Oklahoma divorce lawyer for help if you have any concerns.
Ways to Protect Your Credit During a Divorce
There are quick ways to protect your credit during a divorce, some of which involve one step and others that involve several steps. The fastest way to protect your credit is to close any joint bank accounts you share with your spouse. This will put a stop to any bad credit your spouse could add to your credit history.
Not closing your account opens up your credit score to being affected by the actions of your spouse. If your spouse fails to make a monthly payment on time, your credit score decreases. When your spouse spends more money on credit cards, this debt is added to your joint account, meaning you could owe more debt after the divorce.
If you feel like your spouse might spend your shared credit cards as revenge, you can try freezing your credit. You can also submit a fraud alert to your creditor. When all else fails, talk to your bank, loan lender, or credit card company about your situation and why you are concerned. Notifying creditors is the best way to stay ahead of the game.
How Can Divorce Affect My Credit?
Many people have reasonable concerns about how divorce affects credit scores. The brutal reality is that creditors will not make exceptions for you because of your divorce. While it is important to notify them about the situation, you will still be expected to meet the payment deadlines.
Missing payment deadlines can lower your credit score. This is not uncommon for people who are struggling financially after the divorce. A lot of financial changes happen with a divorce including:
- Division of debt
- Removing yourself from joint accounts
- Paying legal and lawyer fees
- Paying child custody or alimony
- Moving into and paying for a new place to live
- Changing jobs or looking for a job
Some ways you can avoid this are by removing your name from any credit your spouse uses and paying off some debt before the divorce. You might be able to transfer the shared debt to your spouse’s account, if by court order. In the state of Oklahoma, you’ll need to contact an Oklahoma divorce lawyer to learn more.
Divorce Lawyer in Oklahoma
Dealing with debt and other financial concerns only adds to the stress of going through a divorce. Working with an Oklahoma family attorney can help you explore all your legal options in this situation. Call the Putnam Law Office today at (405)-849-9149 for a consultation. We can work on preparing a strong defense in your favor. Mr. Putnam is an experienced lawyer in Oklahoma City, OK who is dedicated to his clients.