Divorce is a major event in anyone’s life. It affects nearly every aspect of life, including your credit score. In 2015, the divorce rates for Americans were between 42 and 50 percent, and they have only gone up since then. It is vital to understand how divorce does and does not affect your credit, so you can take the necessary steps to protect yourself. In addition to your credit, you should also evaluate how your marriage ending might affect your entire financial situation. Remember that Lexington Law can help you evaluate and repair your credit score.
First of all, you should know that divorce does not directly affect your credit score but the effect it has on your finances can impact your credit. There are many indirect ways the end of a marriage does influence it:
For example, one of the most common ways your credit score can suffer is by missing payments. Recently divorced individuals may have trouble making payments due to their finances being significantly changed. Some individuals may simply forget to make payments because of how much is changing in their lives. Others may have relied on their spouse to make these payments.
A few of the most significant and common credit issues that especially affect recently divorced individuals are as follows:
Your priority when it comes to finances should be to separate your credit and finances from your ex-spouse’s. It lays the foundation to help you start building your finances back up for yourself. Take these steps after getting a divorce:
Finally, you should think about how you can make your financial situation more solid. This does not affect your credit directly but helps you make consistent payments and can help avoid penalties. As your situation changes, consider taking these simple steps:
If you’re worried about your credit situation or have already been affected by a divorce, contact Lexington Law Firm to help you repair your credit. Call now for a free personalized credit consultation.
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