Credit Tips for the Recently Divorced
Divorce can take its toll on you emotionally as well as financially. While it doesn’t directly impact your credit, it can certainly impact your credit indirectly. Joint debt, for example, needs to be paid even while the divorce terms are being negotiated. If it’s not, it goes on your (and your ex-spouse’s) credit as a non-payment. That might not matter in the short-term but it will impact your ability to obtain credit like a mortgage in the future. While you may not want to buy a home too soon, it’s a good idea to get your credit in order for the time when you’re ready. Here are credit tips for the recently divorced: Ø Update Accounts . Review your divorce decree to determine which assets and liabilities need to be split between you and your ex-spouse. Just because the information is in a court document doesn’t mean your creditors know who owes the money. Creditors just want payments to be made; you need to notify them of who is responsible for the debt. You also want to mak...