Divorce involves many complicated issues, child support, alimony, dividing assets and more. But who gets custody of good credit?
Going through a divorce is not only emotionally stressful but as well financially. Take the necessary steps to prevent your finances and credit from going into a tail spin.
Here are 10 things you can do to prevent this from happening
1.Know your credit and debt situation. Get copies of each individual’s credit report and review for accuracy. Make a list of all debts and come to an agreement on repayment.
2.Have a plan. Make sure your divorce degree clearly states not only who is responsible for the debt but all particulars to repayment as well as recourse if debt is not repaid or diligent.
3.Open up a checking and savings account in your own name
4.Get at least 1 credit card and 1 utility in your name
5.Pay off as much debt as possible with existing assets
6.Close all joint accounts
7.Remove any “Authorized Users” from credit card accounts
8.Make sure all bills are paid and kept up to date through divorce process
9.Contact your creditors and find out if there is any way for you to enter a separate agreement versus joint or even remove yourself from the account.
10.Get it in Order NOW! Don’t wait! Get your financial situation on paper before you file for your divorce.