Divorce has a lot of financial consequences: you might find that your credit takes a hit, your budget is affected and it’s harder to maintain the same standard of living you once enjoyed. Preparing for financial consequences ensures that you hit the ground running once the divorce is final.
People often wonder whether divorce shows up on their credit report—after all, they likely shared finances with their spouse, and a spouse’s actions can affect your credit. Here’s what you should know about divorce and credit.
Divorce is not something that will specifically show up on your credit card, unlike evictions, defaults, bankruptcies and other events. However, if your accounts aren’t separated properly after divorce, your ex can still damage your credit, even if they don’t mean to do so.
When you begin the divorce process, get a copy of your credit report and go over it carefully. How many accounts are open under your name? Are they joint or separate? Identify all joint credit cards and debts, and make sure they’re addressed during the divorce process. You may remove your spouse from certain accounts and close others entirely—find out what your lawyer recommends.
After your divorce is final, check your credit report once more. Make sure you or your spouse have been removed from the appropriate accounts, and that all your personal information is correct. If you find mistakes, dispute them as quickly as possible, and if you’ve suffered any financial consequences—such as forgetting to pay a bill during the divorce process—you’re entitled to add a note explaining the reason for the delay.
For answers to your divorce questions, call the trusted divorce lawyers at Appelhof, Pfeifer & Hart, P.A. in St. Paul, MN today.
"Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.
"With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.
"Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.
"I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.
"Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.
"I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.