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Don't Forget About Your Tax Debts and Credit Score

Don't Forget About Your Tax Debts and Credit Score

Posted By Meyers Law Group, P.C. || 16-Jun-2014

While your attention may be devoted to figuring out daily expenses and getting what you need from property division, you cannot afford to forget about your credit score in a divorce. Even if you end up with a good retirement plan and some property through equitable distribution, your future needs the boost of a good credit history.

Here are some ways you can strive to keep a divorce from damaging your credit score:

  • Ask for your credit report. Then you can assess the impact any joint accounts have had on your personal credit. You might even come across accounts you didn't know were in you or your spouse's name.
  • Correct any mistakes you catch as soon as possible.
  • Close joint accounts and pay off joint debts BEFORE the divorce. Creditors will come after you regardless of what any divorce agreement says.
  • Open up accounts in your name.

When it comes to income tax debts, the IRS might still come after you years down the road. Three years after your divorce is finalized, the IRS could still audit you and your ex's joint tax returns. If the IRS has strong reason, your joint tax returns could be scrutinized as much as seven years later.

What can you do about potential tax liability after a divorce? Your divorce settlement can actually address this, including details on how you and your ex would respond to an audit, tax penalties, and so on, including where you two would pull the money from.

Find out how our Long Island divorce lawyer can help you!

As you enter the divorce process, you need to be fully aware of the repercussions every term of the settlement will have on your future. When you are looking for an experienced divorce attorney, you need someone who understands what your rights are and what you need to protect your future. You will further need an attorney who has the skill to gain those results you require. Discover how you can find the qualified help you need when you work with the Meyers Law Group, P.C. Call our legal team today!