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Do credit scores matter in a divorce?

If you are getting divorced in Illinois, you may understandably feel overwhelmed with all of the things you have to take care of. Perhaps you are moving to a new place to live. Maybe your spouse has moved out and you need to revamp your home. If you have children, you are likely facing changes in parenting and managing their emotional needs. Your financial picture may also be changing dramatically. Now is the time to take action and work to manage this before it hurts you.

You know how important your credit score is and a divorce can have a negative impact on it. Forbes explains that the combination of less money coming into your household and more expenses to cover on your own rather than shared with a spouse can be a powerful combination. Add to that the potential that your spouse might use your Social Security number to get new credit or perhaps fail to pay a debt you believed was taken care of and you can see how easily your credit score can take a hit.

You will want to monitor your credit scores throughout your divorce. Closing any joint accounts or removing your name from them can help prevent additional damage but may not relinquish you from the responsibility to repay a particular debt. Keeping your credit as clean as possible is important as you look to rent or buy a new home and possibly even get a new job.

This information is not intended to provide legal advice but general information about the importance of monitoring your credit scores during a divorce in Illinois.

 

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