Don’t Let Divorce Destroy Your Credit

There’s nothing like a fresh beginning. Flattering wolf whistles after losing a good amount of weight or updating your look with a new haircut, that first professional interview after graduating college and, yes, even a new outlook on life after divorce can all be exciting experiences worth savoring. But just how often do you hear that a divorce went as smoothly as the couple intended? Oftentimes, when one partner insists the divorce was a piece of cake, the other partner is ready to tell another story altogether. In many cases, the horror stories come down to marital-related credit issues. Fortunately, there are some simple tricks to ensure you and your once beloved make a clean credit split during your divorce.

Cut Off the Charges
It may sound simple enough, but your Michigan divorce lawyer will tell you it’s an all-too-often forgotten step. Just because you have joint credit doesn’t mean it should be abused during the split. Figure out which cards and accounts belong to whom and cut out the spending. All financial matters are addressed in the divorce anyway. And if your name is on a loan or card, guess what? You’re expected to pay it regardless of who racked up the fees.

Settle Up Your Debts
Seems straightforward enough, and yet people wait. Don’t make that expensive mistake. If any joint savings or household cash is available prior to your divorce, try to settle your debts before the finances are split. More money in the household leads to more potential bill payments. The last thing you’ll want when you are finally emotionally free is to find out you’re still chained by marital bills. Pre-divorce payments lead to less post-divorce stress.

Out with the Old
If you’ve been with your partner for a while, you likely have more than one credit line, bank account or loan. Set time aside before the divorce to identify these accounts. Pay off whatever is payable and close them out. Don’t forget this step or creditors can bite you hard later on. How so? Any account that remains open still has credit attached to it. In the wrong hands, that can destroy your credit rating. And while you may be in a good emotional place after the divorce, that does not mean your partner will be in a similar position. Credit reps have no interest in “But I forgot…” and they’ve heard every excuse in the book. Don’t allow stress to creep up when it can be easily controlled or avoided. Just pay off and close those old accounts.

Personally See to the Transfers
OK, so your partner swears she’ll take over the Mastercard when you split. And you believe her. Why not? She has a good, steady income, and she seems to be in a solid emotional state. Right now. Emotions and life situations change instantly and without warning. Make sure that joint bill is transferred to her individual name before the divorce is final. Doing so may cause conflict and a potential argument, but you're already in the process of divorcing. Suck it up. It’s better to have one minor argument over potential trust issues than be responsible for a hefty bill later. And guess what? She’ll likely get over this pretty quickly if you remember your manners, thank her for it, and return the favor with a concession of your own.

Have Backup
It’s important to seek the advice of a reliable divorce attorney in the event of financial concerns. Words are one thing, but when words don’t turn into deeds, your Macomb County Michigan divorce lawyer may be able to get the law on your side and ensure the actions occur. Many times, a simple provision may be included in the settlement agreement. It can cover who pays what, joint promises not to be petty and sue one another over late payments, and the agreement not drag pre-divorce bills into later bankruptcy procedures.

While you may not require a lawyer for many simple divorces, a competent divorce team can save you a bundle on joint credit concerns. When you’re ready to focus on healing your heart, give us a call and we’ll do the rest so you both can enjoy your new beginning.

Contact Femminineo Attorneys today to protect your credit throughout the divorce process.

Femminineo Attorneys
Michigan Divorce Help
110 S Main St #200
Mt Clemens, MI 48043
United States
(586) 954-9500
http://www.michigandivorcehelp.com/