Divorce: Protecting Your Credit Score

An article from consumer website WalletPop.com discusses ways to protect your credit score as you go through a divorce.  The following issues (from both the article and my experience) should be addressed in any marital settlement agreement and/or final judgment:

• Closing of joint credit card accounts;
• Closing of joint charge accounts, such as J.C. Penneys or Macy’s;

• Closing of joint memberships, such as Netflix (sorry Blockbusters) or gym memberships (you do not want to find out one day that you are being held responsible for your ex spouses “personal fitness instruction”);
• Attempting to refinance auto loans and mortgages.  If refinancing is unsuccessful, agreeing to sell the car or house.

Other advice in the article includes checking your credit score on a regular basis, and even utilizing a credit-monitoring service.  This may be most important when dealing with a vindictive ex or soon-to-be ex spouse, as he or she may have personally identifiable information such as your social security number, mother’s maiden name, PINs, and passwords.

If you have questions regarding divorce, equitable distribution (division of property and debts), marital settlement agreements, or other issues, you may set up a consultation with The Law Firm of Adam B. Cordover, P.A., by visiting us online or calling us at (813) 443-0615.