Articles Tagged with divorce & finances

Divorce-Credit-Score-FL-blog-300x200There’s no question that divorce impacts many areas of your life: family dynamics, social relationships, even your credit score. In fact, 54% of women and 42% of men reported their divorce negatively impacted their credit scores.

Why is that? Divorce can change your financial habits and obligations. Joint debt accumulated during the marriage—mortgages, credit cards, car loans—is considered by creditors to be the obligation of both parties to which the credit was extended. In a divorce, the court may decide which party is responsible for which debt, but that doesn’t change the creditor’s expectations. When the responsible party misses a payment either by accident or out of spite, the lender to whom the payment is owed still considers both parties responsible. Closing all joint accounts is not necessarily the answer as that can lower your credit score as well.

There are ways you can minimize the impact your divorce may have on your credit rating, however. To learn how read, “Does getting a divorce affect your credit score?

before_hiring_divorce_attorney_AdobeStock_121654723-300x200The past year brought unprecedented challenges that caused many of us to reassess various aspects of our lives – our jobs, our lifestyles, our relationships. For many couples, the challenges proved too much, leading them to contemplate divorce.

Terminating a relationship is a big step not to be entered into rashly. Before you hire a lawyer and sign your divorce papers, there are several things you should do to make sure the decision to divorce is right for you and your family. And, if it is, these steps can help ease your transition to your post-divorce life. To learn more, read “Decided to Divorce? Here’s Where to Start.”

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