630-462-9500
After Hour New Client Telephone Number 630-690-6077
1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
Best Ways to Protect Your Credit Score in a Divorce
The emotions involved in divorce are often thought of as the most difficult aspect of the entire process. While emotional factors play a considerable role in a divorce, so do the financial implications. One area that often gets overlooked but is crucial to your financial well-being is your credit score. Particularly in the aftermath of divorce, maintaining a healthy credit score can be a lifeline that can help keep you afloat.
Whether you are just starting the divorce process or are already knee-deep in legal proceedings, protecting your credit score should be a top priority. Discuss with an Illinois divorce lawyer the best way to protect your credit score before, during, and most importantly, after proceedings.
Close Joint Accounts
One of the first steps you should take is to close all joint credit accounts. This prevents either party from racking up debt you may still be responsible for. Reach out to your lenders to freeze or close these accounts immediately. Also, if you have mortgage or car loans, talk with your attorney to properly manage these larger financial obligations. Remember that not closing joint accounts can leave your financial future vulnerable to your ex-spouses’ actions, which is a risk that is not worth taking.
Maintain All Payments
Even in the chaos of divorce proceedings, it is essential to stay on top of all your financial obligations. Payments for loans, credit cards, and utilities should be made on time. Missed payments can negatively impact your credit score, making it more difficult to get back on your feet financially after the divorce proceedings end. Do whatever you have to in order to keep up on payments. Set reminders, automate payments, or even ask for help if you need it – just make sure those bills are paid.
Keep an Eye on Your Credit Report
Regularly monitoring your credit report can alert you to any suspicious activity. If you spot any errors or strange activity, dispute them immediately. Keeping a close watch on your credit can help you catch and correct issues before they wreak havoc on your financial standing.
Talk with Your Spouse
While it may be challenging, try and speak with your ex-spouse about joint financial obligations, as this can help prevent misunderstandings that could hurt your credit. Make agreements about who is responsible for what and follow through with written documentation. Communicating with your spouse can make it easier to close joint accounts and ensure all payments are made on time.
Contact a Wheaton, IL Divorce Attorney
Getting divorced does not have to mean financial ruin. By taking proactive steps, you can protect your credit score and secure a better financial future. To protect your credit score before, during, and after your divorce, hire the DuPage County, IL divorce lawyers with The Stogsdill Law Firm, P.C.. Call 630-462-9500 for a private consultation.
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