As someone who is going through a divorce, you most likely have a lot on your mind, including the future of your financial situation. Though you may be most concerned about what will happen with certain property and assets, such as your home or your retirement benefits, you should also consider how divorce may impact your credit score. Please continue reading and reach out to a Los Angeles divorce attorney here at the Zitser Family Law Group, APC to learn more. Here are some of the questions you may have:
How can divorce negatively impact my credit score?
To start, you should understand that simply getting divorced will not have an impact on your credit score. However, there are many ways in which a divorce can indirectly affect your credit score. For example, after a divorce, if you rack up a lot of credit card debt purchasing new furniture, renting a new place to live, or otherwise incur debt, it will most likely have a negative impact on your credit score. Additionally, if your spouse racked up lots of debt while you were married, you may be at least partially responsible for paying off this debt. If you cannot pay timely, your credit score will most likely take a hit.
How can I help improve my credit score after a divorce?
Though a divorce can have a serious negative impact on your credit score, fortunately, there are certain steps you can take to mitigate this impact. To start, after a divorce, you should make it a point to make each of your payments on time, even if it is only the minimum payment. Missing payments is the worst thing anyone can do for their credit score. Additionally, in some cases, it may make sense to open up a couple more credit accounts. Doing so, and ensuring you make each payment on time for those cards, should help give your credit score a boost. You should also make it a point to have any joint loans refinanced by the person responsible for paying them off after you get divorced. This can help you tremendously in the long run, as even if your spouse is put in charge of repaying certain debts in your divorce decree, if he or she fails to make regular payments, it may still reflect on your credit score. To learn more about how to protect your credit score from divorce, please don’t hesitate to speak with our Los Angeles family law attorney at once. We are here to help in any way we can.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.