Today, one out of three relationships in the United States will ultimately end with divorce. Divorce is now becoming a pretty common aspect of life for many people, and some individuals are even bound to become divorced more than once. However, many couples in the past, and even still today do not plan for the future accordingly, especially that of a divorce. When you become divorced you are severing your ties with your former spouse personally, and legally. However, you are also doing so in another aspect, financially. So, what should you do pertaining to your credit, and credit cards when you are in the midst of a divorce?
Credit and Its Correlation To Divorce
The majority of individuals today have a credit card, whether it is one for emergencies, or a few for the incentives and rewards that come along with using it. However, it can also be said by today’s standard that the majority of credit card users are also in debt. Yet, some people do know how to manage their credit cards and bills accordingly. When you have a credit card, or other items that you pay monthly bills on you begin to have a credit score, or credit ranking. This number can help you make large purchases in the future such as a car, a home, or maybe help you financially in the future as well.
Your Name, Your Money, Your Rights
However, during a divorce, many cases come to light that show that when spouses had a joint credit card, or a credit card in the other’s name they not only went overboard spending, but also devastated the other’s credit score in the process. Many people think that their credit score can recover from this, or they can explain the circumstances as to why it’s dropped so low. Yet, many businesses, and companies don’t deal with your circumstances at the time, but what the number actually tells them.
In this case, you can easily avoid in credit issues when dealing with your divorce by doing a few simply things. To start, you should cancel any credit cards that your spouse holds that are in your name, or cancel those that are in both of your names since you are now becoming divorced. Next, you should get your credit report from three major credit agencies such as TransUnion®, Experian® and Equifax. After that, make sure that once a year you get a credit report to make sure that there are not any unforeseen changes.
When you or a loved one is in the midst of a divorce and have experienced credit card problems, debt, or damage to your credit report speak to an experienced divorce attorney today in order to make sure your rights are properly fought for.
Contact The Law Office of Alex Tyra, P.C. For a Free Consultation When you need assistance from an experienced attorney or if you need to better understand you legal options, contact The Law Office of Alex Tyra, P.C., at (903) 753-7499. All initial consultations are free. Phone calls are answered 24 hours a day, 7 days a week.
