Married people who have decided to go their separate ways often experience some distress during the ensuing legal process over the loss of control of many aspects of their life. Typically, people going through a divorce must negotiate living arrangements, child custody and visitation schedules, financial obligations and, in some cases, much more. However, divorcing Massachusetts couples can take specific action in some areas of their lives to increase the chances of a positive outcome, and one of these areas is credit and how it is affected during and following the divorce.
First, early on in the process, divorcing individuals should access a complete credit report, which they can purchase from one of several credit bureaus, or at no cost once a year. As part of the required process of gathering financial information, a divorcing person should note anything that would appear on a credit report, including credit cards, home loans, lines of credit, etc. Second, each party must clearly understand who is responsible for each debt. The divorcing couple should ensure that they continue to pay debts in a timely manner. Unless one party is legally released, both will be held responsible to pay any debts accrued during the marriage.
Next, divorcing individuals are wise to begin building a credit history in their name only. A person can do so by setting up a variety of credit accounts, but experts advise borrowing only up to half of the available credit. Finally, divorcing people need to be diligent about regularly monitoring their credit history and profile throughout the divorce process and beyond and taking necessary steps to correct any inaccuracies.
With all the areas that need to be examined, evaluated and negotiated during the divorce process, many people may overlook the importance of credit management. Divorcing individuals who take a proactive approach to their credit during the divorce process will realize the benefits post-divorce and will increase their chances of enjoying a secure financial future as a single person. Divorcing Massachusetts individuals looking for guidance with all aspects of the divorce process can arrange a consultation with an experienced family law attorney.