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Protecting credit score during divorce is essential

| Jan 14, 2016 | High Asset Divorce |

The divorce process in Illinois can be bittersweet, allowing a person to finally experience freedom from an unsatisfactory relationship while, at the same time, having to deal with the heartbreak associated with a marital dissolution. This divorce-related heartbreak includes not only emotional heartbreak but possibly financial heartbreak. A few tips related to credit scores may help people protect their financial futures when going through the process of divorce.

First, it is important to find out what one’s credit score is. Good credit is an essential asset–one that must be diligently protected during a marital split-up. In some divorce cases, a spouse runs up large bills on credit cards and charge accounts, and this causes the other spouse to lose his or her good score.

Coping financially during the expense and turmoil of divorce can naturally be difficult, but there is a way to do this. First, it is important to automatically notify one’s creditors that one will not be responsible for a soon-to-be-ex’s debts any longer. Then, it is wise to revoke and destroy any credit card on which one has liability. Lastly, it is expedient to publicly disclaim liability for the debts the soon-to-be-ex will accrue in the future.

If two individuals who are getting divorced can see eye to eye on areas such as asset division and property distribution, this may help both parties to achieve a settlement that both find financially beneficial. However, sometimes divorcing parties simply cannot find common ground. In this case, a divorce judge in Illinois will have to step in and make critical financial decisions for them, which may not be in line with their personal wishes.

Source: rollingout.com, “Find out how to protect your assets from a possible bad breakup“, Kacie Whaley, Jan. 13, 2016

View the profile of Illinois Family Law Attorney Alex Fawell
DCBA | DuPAGE County Bar Association Member
Lead Counsel Rated Attorney