You may have heard at least one person say, “I lost everything in the divorce.” This tends to happen in divorces where finances and assets are not managed properly. Without the right divorce attorney, a person going through a divorce can lose a lot of money to:
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Spousal maintenance payments, also known as alimony
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Child support payments
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Division of assets
Another pitfall that is often overlooked by divorcing parties is how their credit can be damaged by the divorce. This article will discuss four ways to protect your credit in an Illinois divorce.
Remove Your Spouse From Credit Cards
One of the most important ways to protect your credit is by removing your spouse’s name from your credit cards. As long as your spouse is an authorized user of your credit cards, you run the risk of debt piling up. Not only will you be responsible for that debt, but you may be paying for expenses that are no longer yours.