Divorce is a challenging life event that can have far-reaching consequences, including financial ones. While divorce itself does not directly change your credit score, the financial actions taken during and after a divorce can significantly impact your credit health. By understanding potential risks and properly planning, you can protect your credit score during this transitional period. An experienced Illinois family law attorney can guide you through the financial aspects of divorce to help minimize its impact on your financial future.
How Can Divorce Lead to Credit Problems?
Divorce often involves dividing marital debts and assets, which can result in financial complications. In Illinois, marital debts, just like assets, are subject to equitable distribution. This means they are divided fairly, but not necessarily equally.