Lois M. Brenner, Esq.

During this financially challenging time, don't delay your divorce.
We are offering
FREE 1 HOUR CONSULTATIONS!

Free Phone Consultation!

Call Now to Speak with Lois Brenner

646.663.4546
  • Home
  • Meet Lois Brenner
  • Divorce
  • Divorce Mediation
  • Psychology of Divorce
  • Testimonials
  • Blog
  • Contact Us
  • Call Today
  • Email Us
  • Our Map
  • Menu
    Home
    Meet Lois Brenner
    Divorce
    Divorce Mediation
    Psychology of Divorce
    Testimonials
    Case Studies
    FAQ
    Blog
    Case Evaluation
    Contact Us
    Site Map
  • Asset Allocation
  • Business Partnerships
  • Child Custody
  • Child Support
  • Contested Divorce
  • Divorce Litigation
  • Domestic Partnerships
  • Divorce Process
  • Domestic Violence & Abuse
  • Equitable Distribution
  • Estate Planning & Divorce
  • Family Law
  • Fathers' Rights
  • Grandparents' Rights
  • Health Insurance
  • High Net Worth Divorce
  • Life Insurance
  • Matrimonial Law
  • Military Divorce
  • Pensions
  • Prenuptial Agreements
  • Postnuptial Agreements
  • Separation Agreements
  • Taxes
  • Uncontested Divorce
  • Visitation
  • Women's Rights
man and child

New York Divorce Blog

Blog 2022 October Is It True Divorce Can Ruin Your Credit Score?
Previous Post  |  Next Post

Is It True Divorce Can Ruin Your Credit Score?

Posted By Lois M. Brenner, Esq. || 12-Oct-2022

If you are thinking about getting a divorce, your credit score may be the last thing on your mind, but you’d better think twice. Divorce can greatly impact your finances and credit history. Even the most amicable divorce can leave you in financial trouble and with bad credit.

As a divorce attorney and mediator for over 35 years, I have seen in many marriages that one partner often takes care of all the finances and the other spouse is in the dark. When a divorce happens, your marriage ends, but not your financial responsibilities, and a bad credit score can follow you for a lifetime. Make sure you don’t overlook your credit.

Did you know you can actually be responsible for some of the debts your spouse has accumulated even after the divorce if things are not handled correctly? You must take steps to properly sever all financial ties with your ex. A seasoned divorce attorney/ mediator, some good planning and being practical may save you from more financial difficulties after your divorce.

If you are divorcing and have late or missed payments on accounts as a result, it may negatively impact credit scores. In community property states, property – and debts – acquired during the marriage are generally owed equally by both spouses. That means you and your spouse may both be responsible for any debt you incurred while you were married.

While a divorce decree may give your former spouse responsibility for a joint account, that doesn’t let you off the hook with lenders and creditors. If your name remains on an account, late or missed payments reported to credit bureaus may negatively impact credit scores.

I suggest you have knowledge of all your financial obligations-bank accounts, mortgages, credit cards, utilities, etc. Make sure you know what your responsibilities will be. Check your credit score before you get divorced. I suggest you do this at least once a year, but it is especially important before and after major life events, like a divorce.

By taking a look at your credit score you can see where you stand and what credit surgery may need to be done. You may be surprised to find your spouse has not only tarnished your credit, but also owes thousands of dollars to the IRS, for which you may be liable, which was the case with one of my recent clients. Don’t ignore your credit. Once you have legally separated, make sure you notify your joint accounts and credit cards by email and by mail. Set-up your own accounts and credit cards in your name.

Since this world revolves around credit, a low credit score can have a devastating impact on your financial life and your ability to move forward after a divorce. If you are thinking about divorce, take the proper steps, get the best possible professional help, and don’t forget the power of your credit.

If you are thinking about divorce and have questions about your credit, finances, property, and spousal support, give me a call. My comprehensive 1 hour consultation will provide answers to many of your questions! I also have a stealth team of financial experts that can guide you as well!

FREE 1 HOUR CONSULTATIONS are still available virtually!

I look forward to speaking with you.

Warm regards,

Lois

Call New York Divorce Lawyer Lois Brenner now to schedule your free consultation. 212.734.1551

Appointments are still available. Call now J

.

Categories: Finance

Share Post

Rely on Lois Brenner

Call us at 646.663.4546 to talk with Lois Brenner and obtain the legal counsel you need.

Send Us Your Case Now
  • “You are truly the best divorce attorney in New York!”

    - Christine

  • map pin
  • “Thank you for doing such a tremendous job!”

    - Bill

  • map pin
  • “Thank You, Thank You, Thank You!”

    - Sara and Jeff

  • map pin
  • “I didn’t expect to find a divorce attorney as amazing as you!”

    - Deborah

  • map pin
  • “Keep up the good work!”

    - Jonathan

  • map pin
  • “First, you were so easy to talk to and second, you really know what you are doing!”

    - Sharon

  • map pin
Read All Reviews
  • facebook
  • twitter
  • google-plus
  • linkedin-2

Lois M. Brenner, Esq.

Lois M. Brenner, Esq. New York Divorce Attorney 12 East 86th St,
Suite 1230,
New York, NY 10028

View Map

(646) 663-4546


divorcelawyerny.com
  • Home
  • Site Map
  • Privacy Policy
  • Contact Us
Internet Marketing Experts