Many decisions made during a divorce will have long-lasting consequences, both personally and financially. One such decision may involve opening new lines of credit or waiting until the divorce process is finalized. If you are considering opening a new line of credit during your divorce, discussing the matter with your experienced attorney may be wise. An attorney is a legal professional trained in Illinois divorce law who can help you with every step of the process, ensuring the decisions you make in the present do not come back to bite you somewhere down the road.
Financial Independence vs. Complications
Opening new credit cards during a divorce can offer a sense of financial independence and the ability to manage expenses. However, it can also complicate the division of assets and debts. Any debts incurred during the marriage, even if only one spouse’s name is on the account, may be considered marital debts, potentially making both parties responsible for repayment.