At Blankenship Massey & Associates, Attorneys at Law, we understand the different ways that our Kentucky clients are impacted in a divorce. In addition to the heartache, stress and emotional conflict that a divorce can entail, you are likely to face financial challenges. It is possible that your credit score could be negatively impacted, especially if you were the spouse who earned less or stayed at home without working.
Divorce in itself does not have any bearing on your credit report. However, the financial issues that you go through during and after a divorce may have a long-term effect on your credit and monetary situation. According to NerdWallet, the following financial situations are common in a divorce:
You aren’t able to make ends meet on your own. You both might have worked during your marriage, or you could have relied on your ex’s income. Whether or not you receive spousal support, it could be difficult to pay your bills and meet your living expenses on only one paycheck.
Your ex might have cleaned you out. Some ex-spouses, in an attempt to “get back” at the other, could take out all the money from a joint bank account or max out jointly-owned credit cards. You will need to protect yourself as soon as possible by removing your ex’s name from credit accounts and by putting your money in your own bank account.
Your ex doesn’t pay the bills he or she is supposed to pay. It might be stated in your divorce decree that he or she is responsible for half of the credit cards or the mortgage payment. However, ex-spouses do not always pay what they are supposed to. Outstanding debt will impact you if it was debt accrued during the marriage, even if your ex was the one who should have paid it.
Financial troubles might be a challenge during and after a divorce, but there are steps you can take to make them better, such as reducing your spending and improving your job skills. To learn more about common divorce issues, please visit our page.