The emotions involved in divorce are often thought of as the most difficult aspect of the entire process. While emotional factors play a considerable role in a divorce, so do the financial implications. One area that often gets overlooked but is crucial to your financial well-being is your credit score. Particularly in the aftermath of divorce, maintaining a healthy credit score can be a lifeline that can help keep you afloat.
Whether you are just starting the divorce process or are already knee-deep in legal proceedings, protecting your credit score should be a top priority. Discuss with an Illinois divorce lawyer the best way to protect your credit score before, during, and most importantly, after proceedings.
Close Joint Accounts
One of the first steps you should take is to close all joint credit accounts. This prevents either party from racking up debt you may still be responsible for. Reach out to your lenders to freeze or close these accounts immediately. Also, if you have mortgage or car loans, talk with your attorney to properly manage these larger financial obligations. Remember that not closing joint accounts can leave your financial future vulnerable to your ex-spouses’ actions, which is a risk that is not worth taking.