Ways to Protect Your Credit Score During a Divorce

Credit scores control what financial deals we have access to and how high the interest rates will be. Protecting your credit score during a divorce is one of several financial concerns many people have. There are decisions during a divorce that could help or hurt your credit score. If you have any questions about this, talk to an Oklahoma City divorce attorney about your situation.

How Divorces Can Hurt Credit Scores

The scariest thing about credit scores in the aftermath of a divorce is the division of debt. When the division of debt happens in a divorce, the court judge will decide who will be responsible for each portion of debt after the divorce. Problems can arise when one spouse’s name is still on the account and the other spouse fails to make debt payments.

If your name remains attached to the account associated with the debt, you are the one hurt if your ex-spouse fails to pay. Creditors do not take divorce decrees into account when holding the debt-holder responsible. All they see is your name associated with not paying the debt you owe them.

This means that no matter what you tell your creditor, your credit score will continue to drop. Some people try to talk with their ex-spouse to have them start making payments. However, this may not always work. Worst-case scenarios involve ex-spouses filing for bankruptcy and the other spouse’s credit score being destroyed.

One potential way out of this is to file a lawsuit against your ex-spouse for failing to pay their portion of the debt. As long as your ex-spouse violated the divorce order of dissolution, the court will take this seriously. You could be compensated for the financial losses you suffered as a result. Consider contacting an Oklahoma City divorce lawyer to learn more.

Ways to Protect Your Credit Score in a Divorce

There are ways you can prevent your credit score from being affected by your ex-spouse. These methods for protecting your credit score during divorce might be enough to save you from financial disaster. The most important first step is to close all joint accounts with your spouse.

Doing this prevents your spouse from adding more debt to your account name. What this also does is prevent you from being held accountable for late or missed payments from your spouse. Next, tell your creditor about the divorce before the divorce is finalized. Send a letter requesting your current account statement.

Remove your spouse and yourself from each other’s accounts as authorized users. When you think your ex-spouse is going to abuse your account information, you can request a freeze on your credit files.

Divorce Lawyer in Oklahoma City

Life can become stressful when your credit score is at risk. Do not hesitate to ask an Oklahoma family attorney about ways to protect your credit score during the divorce. Contact the Putnam Law Office today at (405)-849-9149 for a consultation about your divorce case. We can work with you to figure out your options.