For many people, their credit score is a crucial consideration for making major life decisions. After all, things like buying a home or renting an apartment can be impacted by your credit. For a brighter future, you may want to ensure that you end your marriage with good credit.
Are you interested in maintaining good credit through your divorce? A family law attorney may be able to help with that.
Understand the Division of Assets and Debts
Each state may have different ways to divide assets and debts, but some factors may cross over from one state to the next. For instance, some states will divide things up equitably but not necessarily equally.
For example, the judge may decide to divide the debts based on the percentage of income brought into the marriage. The spouse with a higher income may also be required to pay off more of the debt.
Know Your Responsibilities
You can work with your attorney to ensure that you have a strong understanding of which assets and debts may be divided in what way. This is crucial to maintaining a good credit score because you need to know what you are responsible for to avoid dragging your credit down.
Track Mutual Fund Spending
If you maintain some accounts with both of your names on them, it is smart to track the spending of both people. You should be knowledgeable about any debts that could be attributed to you in the future. If something does not seem right, talk to your divorce attorney. You may need some protection against additional spending, and you may need to work together to close out the shared accounts.
Check Your Credit Reports
It is also important that you check your credit reports regularly to ensure that you don't have any delinquencies or scars that could impact you in the future. You may be surprised to learn that your credit needs some work after the marriage--but you certainly want to know that now rather than in a year. The sooner you find them, the sooner your attorney can help you bring them up in court or mediation.
Discuss Your Case With a Family Attorney
Divorce attorneys help you with so much more than the process of legal divorce. They also help you make smart decisions for your future after the marriage is dissolved.
Family attorneys understand the details of divorce, from splitting custody to managing your finances. If you want to know more about protecting your assets and your credit, speak with a family lawyer today.
Hello, I'm Christina Miller. Have you ever been fascinated with why the law works the way it does? Ever since I was in junior high, I had an intense interest in anything related to our legal system, whether it be a crime drama on television, a judge show or a legal case covered on the news. I followed it all. As time progressed, I began learning about how the actual legal system worked and not just the fictionalized version of our legal system. This has lead me to start writing my own blog posts about law that I hope will help others.