Divorce Lending Series – Part Two – Maintaining Credit During Divorce
Maintaining your credit during divorce can sometimes be a challenge. However, understanding what impacts your credit score ahead of time can be very beneficial. Here are a few suggestions to help maintain your credit during the divorce.
- Communication between both parties can help avoid any miscommunication as to who is paying what bill
- Ask each creditor, that extended you credit, to transfer the debt to the name of the person who will be responsible
- Keep joint bills current – even missed payments made years after the divorce will be reported for all people associated with the account
- Ask each creditor to remove a spouse who is only an authorized user on the account.
- On joint credit accounts, advise the creditor which spouse is not responsible for the debts charges, after the divorce
- Close as many joint accounts as possible
- Please access your credit report, annually. Visit annualcreditreport.com, for your free report.
This is just one piece in the puzzle that is divorce and your mortgage. Others will be covered in future posts in the series. If you have any questions about maintain credit during divorce, or if you are a family law attorney, in Michigan, and would like more information about how I can be of great value to your divorce team, please contact me. And if you have anything to add about the credit issues during divorce, please leave a comment.