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Handling Your Credit Score in Divorce: 5 Steps

No matter what you and your spouse agree to in the divorce, your creditors will not care. Even if you stipulate that your ex will handle all the outstanding credit card payments from your joint account, for example, if your ex does not pay up, creditors will still come after you for repayment. So what can you do to make sure that a divorce really means a divorce from your ex's credit?

Here are several things you can do:

  • If your ex-spouse is an authorized user, remove them from the account
  • If you have a joint account with outstanding debt, ask for a freeze so you can't rack up anymore debt. Repay everything then cancel the account.
  • Before you file for divorce, or at least before you finalize, pay off your joint debts in full if you can.
  • Get your credit report to review all your open accounts: make sure your ex is no longer listed on any of these accounts. If you do find an account with both your names, close it.
  • Transfer the debt to your ex's personal account. Even if your ex-spouse says they will take on all the debts, it is not enough to have this in writing.

Even after all these precautions, you may need more. If you work with an experienced divorce lawyer, you may able to cover all your bases. For instance, if your ex will not let you transfer the balance to their account, your attorney could ensure that the outstanding debt is categorized as a support payment, something that cannot be discharged even if they file for bankruptcy (which would leave you as only the only other debtor).

If you are getting a divorce, taking care of your joint debts can be one of the most helpful ways you can ease the process. Learn more about how to successfully divorce when you contact the Meyers Law Group, P.C., where an experienced Long Island divorce lawyer can discuss your case with you.