One Tip For Divorce: Improve Your Credit Score
When you talk to your divorce attorney, you might not expect to receive financial advice. The truth is that finances are an important consideration when you are going through the process of divorce, even if you do not have children or own a home.
One way to make divorce easier? Improve your credit score.
Why Is Your Credit Score Important?
Your credit score is the number lenders, like banks, look at before they agree to let you borrow funds. The number represents your level of responsibility and how well lenders can rely on you.
What does that have to do with divorce? More than you might think.
For one, your partner is still attached to your accounts and credit cards, which means their actions can still impact your credit score. Second, you may need to use your credit score in order to rent or buy a new home or vehicle when you move out of the family home. There are many reasons why you should be considering your credit in all of this.
Stop Spending Frivolously
You may feel some new impulses to buy things during this new period of freedom in your life, but do not give in. You should avoid spending money on items you don't need, including new cars and fancy electronics. Now is a good time to make a budget and stick to it, especially when it comes to spending on credit cards.
Pay Attention to Shared Accounts & Cards
Another key to maintaining good credit during this time is to check accounts and credit cards you share with your spouse. These are community funds, and they can have an impact on both of your credit scores.
It is also important that you continue to communicate or make a plan regarding who will pay for these accounts. Ultimately, this may become part of your divorce settlement or case. Ensure you bring documentation regarding these accounts to your attorney when you discuss financial matters.
Discuss Closing Accounts
Now is a good time to discuss closing credit accounts and other joint ventures. Your attorney will help you determine if it is legal to close your accounts and protect your credit.
Talk to Your Divorce Attorney
Do you still feel unsure how to manage your finances in the midst of a divorce? Your attorney will have answers for you. Call today for an appointment to discuss the importance of your financial credit in the middle of your marriage's end.
You can reach out to attorneys like those at Hugh O. Allen Law Offices for more information.