Work On Your Credit Score Before Divorce

On a couple’s wedding day, divorce is the furthest thing from their minds. At such a wonderful, joyous time in one’s life, it is difficult to consider the possibility that the relationship will end. However it does occur on occasion. Many people get married every day and over half the population has been divorced. In the beginning the bad credit of your partner can be overlooked, but not for long. Sometimes, the stress of dealing with financial issues can ruin the relationship before the couple takes their first steps down the aisle. Still others may become vengeful, wanting to place their ex deep in debt.

When you get married, you are only responsible for debt you incurred as a couple. Keep in mind that, as a couple, one person’s bad credit rating will affect the both of you when trying to get a loan or a line of credit. Don’t be surprised when these joint applications are turned down. It is essential that you both discuss your finances before you walk down the aisle. Many marriages break up because of financial difficulties. Many couples avoid discussing financial arrangements in hopes that the subject will not rear its ugly head. Unfortunately, that usually indicates that it will.

Keeping on top of a situation has never had a negative effect on any relationship, and open communication will only make the relationship stronger. You should each obtain a copy of your credit report, then sit and have an open conversation about finances. After speaking openly, enlist the aid of a professional and consolidate all your debt. You can alleviate any future problems if you consult with an expert who will be completely honest with you. If you and your spouse can’t come to an agreement regarding an issue, you should have your debt manager’s contact information close at hand to avoid an argument. Of course, this won’t work for divorcing couples. If by chance your divorce is amicable, get ready to hate each other at least some of the time and to disagree often. Truthfully speaking, if you really did get along so well, you probably wouldn’t be divorcing.

After a divorce, you must protect yourself. You should alert the credit reporting agencies when you separate or divorce. All the important information will then be recorded for each of you separately and the agencies will help you make individual transactions. You should make sure that anyone you still owe money to has your updated contact information. Even though it may seem childish, divorced people have a habit of tossing away their former spouse’s mail. Following a divorce, close all joint accounts and pay all balances if possible. If there was a substantial amount of debt acquired during your marriage, you should consult with your attorney about including a plan to resolve the situation during your divorce proceedings. As far as divorce is concerned, get everything in writing or it won’t hold water.

Although your marriage may not be forever, credit problems can be. Regardless of how much love you feel for your spouse, you need to protect your own interests. It sound awfully formal, but in the long run you will be thankful you did.

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