Jeffrey Lalloway, publisher of the California Divorce and Family Law Blog, wrote this excellent article. I couldn’t agree more with his suggestions!
Lessen impact of divorce on credit
If you’re planning to file for divorce this year or are already splitting your assets with your soon-to-be ex-spouse, your credit is likely to take a hit.
Many people don’t realize that lenders do not honor court decrees that assign payment responsibilities for joint loans. The mistaken assumption that you’re off the hook for financial obligations can result in a series of missed payments that may trash your credit score for years.
This needn’t happen if you safeguard your credit before you file for divorce. Consider these tips from John Ulzheimer, author of “You’re Nothing but a Number” and an expert at Credit.com, a consumer personal finance site.
If you have joint accounts with your spouse, do your best to turn them into individual accounts so that it will be easier for the divorce court to split up your financial responsibilities. To do that you will need your spouse’s permission, which means you’re going to have to let the cat out of the bag. But taking these steps now can save … Read More... “Avoid Headache, Safeguard Your Assets”