Credit and Your Divorce

One of the things that you will certainly want to consider when you are getting divorced is what will be happening with your finances, namely your credit. If you have joint accounts with your spouse, and if you have joint purchases, there’s a good chance that the both of you will be responsible for those debts together. What are you going to do about this? You’ll need a qualified Fresno divorce attorney to help you with this.

First, it’s important to understand the different affects this can have on your credit and what it might mean for you. Consider those aforementioned joint loans, such as your car payments or your mortgage. The debt you have is linked, and you need to take steps to remove those links unless you want to be responsible for your ex’s debts. If you have a vehicle with an ex, you can refinance it to remove the name of your ex, which gives you the rights to the vehicle, and the responsibility to pay for it.

Mortgages can be more difficult. Often, even though only one person is in the home, both will likely be responsible for paying for the debt. One way that some divorcing couples deal with this is by selling the property. This might not always be possible though.

It is important to figure out how you will split the responsibilities and payments as soon as possible. Neither you nor your spouse want to damage your credit, and working together to come up with the best solutions for your finances is a good idea. Get in touch with a family law attorney in Fresno CA or a financial specialist who can help you make the right choices.