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Guard Your Credit During Divorce
Posted on Jul 1, 2007 by Michelle Pastor
This blog reminds me of the many clients I see in the midst of a divorce. It gives good advice about what to do during and after a divorce to ensure that your credit remains intact.
The biggest mistake I see with divorced clients is that they still have joint credit accounts. Remember one thing – a divorce decree means nothing to credit card companies or lenders, so take your name off any joint account with your divorced spouse even if it means refinancing the debt.
What I hear most often is that one spouse was ordered through the divorce decree to pay an entire credit card. The other spouse assumes they are free and clear of the debt and don’t bother to take their name off the account. What they don’t think about is that if the other spouse doesn’t keep up with the payments, the creditor will demand payment from anyone on the account. They don’t care that a divorce decree says otherwise.
According to the blog:
Your bank account should be in your name only
Make sure you have your credit card in your name only
Freeze all bank accounts until the split takes place
Consult your credit report for errors during the split
Ask if the creditor will remove your ex-spouses name from your financial matters
Tags: creditreport, divorce
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