Filing for divorce can impact your life in many ways. While you have likely thought about the many factors that will change, such as where you live and how you live, have you thought about your financial situation?
The fact is divorce can impact your financial situation in many ways. To ensure you don’t find yourself in financial trouble after a divorce, use these tips.
Access your credit report early in the process
You need to know your current credit rating, even if you are still going through a divorce. After a divorce, your finances are completely separate from your spouses, and you need to understand where you are on the financial side of things.
Know what debts you must pay
When going through a divorce, assets and debts are divided. Sometimes, there are marital debts, while others are separate. You need to know what debts are your responsibility, so you don’t miss payments. Failing to pay these debts can impact your credit rating, hurting your financial security after a divorce.
Create your own credit profile
You need to set up credit accounts in your name. This is especially important if you had joint accounts or if most of the credit was in your spouse’s name. Taking time to build your credit profile will set you up for financial stability down the road.
Divorce brings about a lot of change in anyone’s life. During the divorce process, you can’t afford to ignore your financial situation. Knowing your options and protecting your financial situation will help as you move forward after a divorce.