How to Protect Your Credit Profile Before Filing for Divorce

If you have plans to file for divorce and you’re keen on maintaining your excellent credit history then, we suggest you employ the following pointers for you to achieve such goal:

 

1. Distinguish individual accounts from joint credit accounts.

protect credit profile before filing for divorceContact the credit reporting agencies and request for the latest copies of your personal credit report. That way, you can determine your existing credit accounts and you can easily pin-point which lines of credit are yours and which are jointly-owned by you and your soon-to-be-ex-spouse. This is very important for you to come up with suitable courses of action in case you decide to finally leave your wife or husband.

Still, we suggest that you consult first an attorney before filing for a divorce. That way, you can set things straight, in terms of your personal finances, before you undergo costly and time-consuming court proceedings.

 

2. Talk to your card issuer, as soon as possible.

This way, you can advise the firm to immediately remove your authorized user and to revoke his or her credit card. By doing so, you can prevent the irresponsible spending habits of your soon-to-be-ex-spouse from inflicting damage to your credit history. At the same time, you can avoid being held accountable for credit card charges you never made or for loans you did not apply for.

 

3. Request that your high-interest joint credit account be closed. 

This is very important for you to avoid being burdened with a huge financial obligation, later on. This tip is highly-recommended for housewives who will be looking for employment opportunities, right after their divorce proceedings. After all, they usually need substantial funds to cover their day-to-day expenses, while scouting for good-paying jobs.

 

4. Have a serious talk with your husband or wife.

Talk before undergoing divorce proceedings. If possible, look for a mediator who can help speed up the process and assist you and your spouse in reaching a compromise. And don’t forget to put the terms and conditions of your agreement in writing, before submitting the document to a notary public. By doing so, you can hold on to a document you can use in case your spouse decides to contest the stipulations of your financial arrangement. 

 

5. Don’t neglect your financial responsibilities once you have filed for divorce.

Some divorcees have the tendency to get overwhelmed by their court proceedings that they fail to submit on-time and prudent payments to their creditors. In the end, such misstep backfires on them, not just in the form of late payment penalties and surcharges, but also in the form of severe damages in their credit history.

So, while undergoing your divorce proceedings you should constantly remind yourself of your individual credit accounts, particularly your credit card charges and your personal loan repayments. By doing so, you can maintain your good credit standing and you can safeguard your financial and employment prospects – regardless of how extensive the effects of your divorce might have on your personal finances.

Keep these five tips in mind and we assure you that you can protect your credit and financial standing, most especially when divorce is looming in your mind.


Credit Damage Divorce

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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