Getting a divorce will make lots of different impacts on your life, which is why it’s very important to make sure you are prepared. One of the best things you can do to prepare for life after divorce is getting a grip on your finances. You will have to take control of your credit before you can start moving on with your life, as many accounts will be joint accounts you had with your spouse. That’s why we’ve prepared the following article which provides details on how to get in control of your credit after a divorce. Keep reading on below to learn more and remember to reach out to The Johnson Law Firm & Associates if you are interested in legal advice for your divorce.
1. Obtain Your Credit Report
One of the first things you should do to get in control of your credit after a divorce is to obtain a copy of your credit report. That way, you can get a full view of your debts and assets from the marital estate. You will also have an idea about where you can improve your credit score and how to approach things like financing going forward. You might also want to have your ex-spouse get their credit report as well so that you both have a complete picture of your financial situation. The good news is that you can get a free copy of your credit score every year, so you won’t have to spend any money to find out your current credit situation.
2. Close Joint Accounts
It’s always a good idea to close off existing joint accounts from new charges as soon as you make the decision to get a divorce. The last thing you want is to have to be responsible for more of your spouse’s debts after the process has begun. Also, just because your divorce is resolved from a legal standpoint, it doesn’t mean that your work is done. Try to close all of the joint accounts you had with your spouse in writing so that you can keep track of any communication and avoid additional expenses that are the result of your ex-spouse’s spending.
3. Update Your Accounts and Creditors with Your New Name
Another important way to get in control of your credit after a divorce is to update all of your accounts and creditors on your new marital status and any relevant name changes. Try to document these changes in writing to avoid potential problems with credit agencies and reports. If your spouse has outstanding debts, you want to make sure that any relevant information will come to your house as well, so make sure you update your address too.
We hope this article has helped you gain some great insight into how to take control of your credit after a divorce. Remember to reach out to The Johnson Law Firm & Associates if you have any questions related to getting a divorce and its financial implications.