How can my divorce impact my credit score and history?
Magnuson Lowell Blog
Each week we post a blog about relevant legal issues. Glance through our various topics to learn more about a particular legal situation.
These articles are for limited informational purposes only and are not, nor are they intended to be, legal advice. You should not rely on this information for your case and should consult with an attorney for advice regarding your individual situation.
Most Recent Posts ...
Posted on: 12/2/2024
Posted on: 11/18/2024
Posted on: 11/11/2024
Search All Blog Posts
Blog Post Archive Categories
- Reconciling After a Divorce Filing
- Dividing Retirement in Divorce - Do I Need a QDRO?
- Options for Dealing with Real Estate in Your Washington State Divorce
- Filing for Immediate Restraining Orders in King County
- Obtaining and Collecting Child Support in Washington State
- Using Trial by Affidavits to Modify Support
- (Redmond/Criminal Defense) Time Matters for a DUI
- (Redmond/Criminal Defense) Field Sobriety Tests - What Not to Do
- (Redmond/Criminal Defense) - The (Redmond/Criminal Defense) - The Ability to Remain Silent
- Battling Father Time: Crafting Your Legacy with Precision
- Tips for Talking to Your Family About Your Estate Plan
- How to Choose Your Personal Representative for your Will
- Renewing a Domestic Violence Protection Order in Washington State
- Little Known Washington Driving Laws
- What`s the Deal with Prenuptial Agreements?
- What is a Committed Intimate Relationship in Washington Divorces?
- Understanding the Differences Between Prenuptial and Postnuptial Agreements in Washington State
- When to Call it Quits During Mediation
- Why Expediency is Important After Your Car Accident
- Understanding Independent Medical Examinations (IMEs) in Washington State
- It only takes 3 seconds...
- Gotta love our court system!
- (Redmond/Crazy Lawsuit) The Walking Dead: or Not!
- (Redmond/Crazy Lawsuit) Here Comes Football - and Litigation
- Honoring Our Heroes: A Thank You to All Who Have Served!
- Happy Halloween from Magnuson Lowell
- 10 Tips You Need To Know Before Getting On A Motorcycle
- Top 10 Tips You Need To Know Before Getting On A Motorcycle
- Top 10 Tips Riders Need To Know Before Getting On A Motorcycle
- In a Car Collision...Now What?
How can my divorce impact my credit score and history?
There are many financial impacts to a divorce. You will have to learn to live on one income instead of two. You might not have thought about the impact that this will have on your credit, but you should take a few minutes to think about this.
You might not think that you will need to worry about your credit after the divorce, but you might be surprised at when you will need it. You might need to buy a new car or a new home. This could come down to what your credit report says.
How will my credit be affected?
Your debt-to-income ratio might go up because of the legal end of your marriage. This won't necessarily be the case if you and your ex pay off your debts. Your credit can also be impacted by the way that your ex pays for bills that he or she is supposed to pay. There is also a chance that your credit utilization percentage will be impacted by the divorce and the manner in which the debts are handled.
Can I protect my credit score?
You can protect your credit score by closing all accounts that you and your ex both have access to. This prevents more charges from being made to them. If possible, you and your ex can each transfer the accounts you are responsible for into individually held accounts instead of the joint accounts. Creditors don't have to abide by the terms of a divorce order, since the order is a civil matter, so you should be prepared to deal with the creditors if your ex fails to pay bills that he or she is supposed to pay after the divorce.
Source: FindLaw, "Credit and Divorce," accessed Oct. 12, 2017