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Reestablishing your credit after divorce 

On Behalf of | Jan 19, 2022 | Divorce

Typically, the divorce process involves settling a number of contentious issues such as child custody, financial interests and property division. While the end of a marriage does signify a chance for a fresh start, there are some challenges to overcome. 

While you were married, you and your partner may have incurred significant debt. The division of debt will have been addressed throughout proceedings, but credit reports may not instantly reflect this. Thus, it is important to consider the following as you reestablish your credit after divorce:

Deal with any joint credit

While financial obligations should have been separated during the divorce, there may be lingering joint accounts that you had neglected to consider. 

It is important to address this and it can typically be done by contacting your creditors to request that accounts are either converted solely to your name or closed. This way, your ex can’t access your credit on an old account.

Pay your bills on time

Sometimes, the smallest measures can see your credit rating increase within a short time period of time. Ensuring that your household bills, cellphone costs and car repayments are made in a timely fashion can be an effective way of displaying a financial track record that is responsible. 

Know where you stand

Sometimes, people opt to ignore their credit score rather than acknowledge it. Even if you have had some troubles in the past, your credit rating can be better than anticipated. You can obtain a copy of your credit report for free, and doing so will provide a platform for you to start rebuilding.

Divorce can be challenging in many aspects, especially in terms of finances. However, these obstacles can be overcome, leaving you free to move forward with a new chapter in life. Having a firm understanding of your legal rights in Florida will also help you stay on track.    

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