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Will a Divorce Affect My Credit Score?

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

10b9db026d89119e951a851045ac17eee7784f79

Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Apr 1, 2015

Read Time: 2 mins

Are you worried that a divorce may hurt your credit score?

It is true that in some circumstances, your credit can take a hit following a divorce. This is because many relationships involve joint credit accounts, which are closed following the dissolution of a marriage. Remember, sadly, if you are a joint owner, cosigner or an authorized user on a credit line, the closing of an account can negatively affect your credit score.

Additionally, it should be noted that if you do not take steps to close a credit line following a divorce and/or you do not ensure that your name is removed from it, you could potentially be held liable for any charges, interest or issues that may arise.

A divorce decree alone, stating that you are no longer allowed access to a credit line or are not responsible for paying it, does not ensure that the contract you have with a lender is over. In some cases, credit-reporting agencies simply do not care about a divorce. They care about payments being made on time.

Keep in mind, if you do not take steps to protect yourself, if your former spouse fails to make payments towards a line of credit, your credit score could be negatively affected. This is why you should always pay attention to your credit reports following a divorce.

Hashing Out Your Finances Following a Divorce

As we mentioned above, debts linked to you under joint or shared accounts may be the sole responsibility of your ex following a divorce; however, if he or she does not make payments, you could be greatly impacted.

Speak to an attorney if you have concerns about your finances following a divorce. Make sure that you are protected—in some cases, it is not unusual for a vindictive former spouse to refuse to make payments on a formerly shared account with the intent of punishing the other party. If this occurs, you may have to return to court to seek relief.

Make sure that you receive professional legal advice if you are seeking a divorce or have issues following the process, as the failure to do so could prove incredibly costly. Continue to follow the family law section of our blog for more information.

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

Source: http://www.experian.com/ask-experian/20070919-how-divorce-can-impact-your-credit-scores.html

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   LWelsh 
 1 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Clever and efficient.
  
 
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   Kenny Perlow 
 22 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
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   Aliza Ali 
 86 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
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   Jana Montero 
 89 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
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   Mike Sakmann 
 95 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 101 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
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   Brandy Miller 
 124 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
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   Mike Greenspan 
 137 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 144 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
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   Vinnie Kung 
 147 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!

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Will a Divorce Affect My Credit Score?

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