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Divorce can have impact on credit score

When getting divorced in New York, protecting one's finances is of the utmost importance. This is just as true in the most amicable of divorces as it is in the most contentious of marital dissolutions. A lack of caution may allow a future ex to make moves during a divorce that could have major negative effects on one's credit long term.

An important step when it comes to protecting one's finances during divorce is to pay close attention to one's credit score. This is necessary both in the midst of the divorce and after the proceedings are finalized. One reason for this is that it is possible that one's credit score will drop after joint accounts have been closed and other changes have been made regarding one's finances.

Large declines in a credit score, however, may signify a problem. For instance, a creditor might have made a mistake. In some circumstances, debt is accrued under a joint account without one's knowledge. Using a free service for checking credit scores or even enrolling in a program that monitors credit scores may be helpful in the months as well as the years following a divorce proceeding.

Even though a New York divorce can negatively impact one's financial situation, being able to negotiate regarding matters such as property division and asset distribution may provide one with a sense of empowerment and control. Divorce negotiations can be less costly and stressful than litigation. However, litigation is necessary in cases where a divorcing couple cannot find common ground on the issues that matter to them.

Source: ajc.com, "4 Ways to Protect Your Finances During a Divorce", Shawn Leamon, Jan. 24, 2017

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