Does Divorce Affect Your Credit?

Going from a two-income household down to one, it can be a rough transition for most people. Many divorced people find their credit in shambles in the months and years after their divorce is final.  It is great when one spouse can buy the other out of a mortgage. However this is not always reality. So now one person who no longer lives in the house but, has their name still attached to the deed has to hope and pray the other spouse pays the mortgage on time.  If not, it WILL affect both of your scores adversely.

Bottom line                                                                                                                                                                                                 You will want to work to minimize its negative impact on your credit. Make sure joint bills are being paid one way or another, stretch your budget to ensure your personal bills are being paid consistently on –time, and remove your spouse from your accounts, wherever possible. You can even put a freeze on your credit so, that a vindictive spouse who knows your social security number doesn’t open new accounts for their use.

Most importantly, staying civil means one or both spouses are less likely to try and trash your credit.

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