Whether you had a feeling your marriage was over for months or you were blindsided by your spouse’s decision to file for divorce, it can be overwhelming. Unfortunately, many going through this process will often focus on the emotional impacts of getting a divorce, failing to consider the legal and financial effects. One thing many fail to consider is the impact that a divorce can have on your credit score. If you are unsure what to consider, you’ll want to keep reading to learn what you should know about these complicated processes and why working with Tampa divorce lawyers is in your best interest during these complicated times.
Will Filing for Divorce Impact My Credit Score?
It’s important to understand that filing for a divorce will not directly impact your credit score. Your credit report will not show that you are divorced, nor will being divorced cause your credit score to fall. However, it can indirectly impact your credit score.
When you and your spouse decide to divorce, all of your assets will be divided according to Florida’s equitable distribution status. Essentially, this means the courts will examine your financial and domestic contributions to the marriage to divide your property. This means you may not receive an even split based on the factors taken into consideration by the courts. It’s important to understand that in addition to your marital property, your debts will also be divided by the court.
It’s important to understand that the court may assign you and your spouse debts you are both listed as signers on. If your spouse does not make the payments as determined in the divorce agreement, it can cause your credit score to drop. Additionally, if your spouse continually fails to make payments, you can be sued as a result since you are listed on the account, despite the fact that you were not responsible for the debt as per your divorce agreement.
What Can I Do to Protect Myself?
If you are worried about your credit score when you and your spouse decide to file for divorce, there are steps you can take to help minimize the risks. One of the first things you should do is remove yourself as an authorized user on any of their credit cards and remove them as an authorized user on your cards.
You should also get in the habit of regularly checking your credit score, as this can help you stay on top of any potential issues. You are granted one free credit report from each of the bureaus annually, meaning you can check your report every four months for free.
If you are going through a divorce, understanding the impact it can have on your finances is critical. It’s important to understand that working with an attorney is in your best interest during these challenging times. At Tampa Law Group, our firm will do everything possible to help protect you so you can focus on moving on following your divorce. Contact us today for more.
