Could Your Credit Score Improve Following a Divorce?

According to Credit.com, a recent survey indicated that a divorce could improve a person’s credit score.

The website reported that in a survey of 526 divorced people of various ages, nearly 30 percent said they saw a considerable increase in their credit score.

According to the website, of the respondents, about 40 percent said they had higher credit scores than their spouse when they were married (7 percent said lower, 26 percent said about the same), and 40 percent identified themselves as the person who managed the couple’s finances during marriage.

The site reported that 29.66 percent said their credit improved significantly following a divorce, while 19.01 percent said that their scores got significantly worse. Surprisingly, 22.62 percent of people surveyed did not know if their divorce had an impact on their score, while 12.36 percent said their scores became “a little worse” and 16.35 percent said their scores “improved a little”.

“People whose credit scores dropped after divorce were more likely to say finances contributed to the issues than those whose credit scores improved,” Credit.com reported. “Among those whose credit scores fell, 7 percent said finances were the primary factor in the breakup, as opposed to 4 percent in the group who saw a credit boost. Similarly, about 41 percent of people who saw increases said money had nothing to do with divorce, while only 32 percent in the other group said so.”

Where Can I Find a Bergen County Divorce Attorney?

You should always pay attention to your credit reports following a divorce. Debts, which could be linked to you under joint or shared accounts, may be the sole responsibility of one party following a divorce. If this party does not pay these debts, your credit score could be greatly impacted.

If your former spouse is not paying debts he or she was assigned in a divorce decree, you may have to ask the court to enforce the order. Otherwise, creditors, who are not bound by your divorce decree, could come after you looking for money.

If you are thinking about filing for divorce, let our firm arrange your initial consultation. Our family law offices in New York or New Jersey can be reached through our online contact form or at (866) 971-0927.

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. – Bergen County Divorce Attorneys

Source: http://www.marketwatch.com/story/could-divorce-save-your-credit-2014-02-12?link=MW_latest_news