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
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!