post-divorce finances

A good credit rating can open many doors – loan approvals, lower interest rates, increased spending limits, security deposit waivers, better insurance rates, to name a few. That’s why, once you build a good credit score, it’s important to keep close tabs on it and avoid actions that can have a negative impact. While divorce itself doesn’t directly affect your credit score, it does change your financial situation which, in turn, can have negative implications.

After divorce, you could end up carrying debt that previously you shared with another person, or find yourself responsible for debts incurred by your ex. Situations like these could work to lower your credit rating. If you find your credit score slipping, don’t despair. There are steps to take to correct that. Read this CNBC article on rebuilding your credit score after divorce to learn how.

Even when a couple grows apart, it doesn’t always mean they stop caring for each other, particularly if they had been in a long-term marriage. They may lead separate lives, both physically and emotionally, yet remained legally married because their finances are so intertwined that moving from shared to separate accounts is more complex than simply divvying up their assets. Fear and uncertainty prevent them from finalizing their divorce.

Understanding what to expect your financial future to look like after divorce, especially in terms of major issues like taxes, healthcare and even income, is the first step toward freeing yourself to move on with your new single life. To learn more, read “How To Free Yourself Financially From Your Ex-Spouse.”

Articles Tagged with post-divorce finances

Credit Score Slipping After Divorce? You Can Fix That

Are Shared Finances Standing in the Way of Your Divorce?