Protecting credit while going through divorce

Divorce can present an array of challenges and concerns for people in Pennsylvania whose marriages are coming to an end. The personal and emotional effects of divorce can be quite daunting before approaching the financial aspects. Because a divorce legally severs the marital partnership, it can affect an array of financial accounts and records. One concern is often how divorcing individuals can preserve their valuable high credit scores when going through a divorce.

Divorce doesn’t mean that both parties’ credit scores have to tumble, and being prepared to protect one’s credit during divorce can help to ease the transition further. For example, if the marital home is going to be dealt with by transferring it into one person’s name, it may require a mortgage refinance. This will require the person taking ownership of the house to assume a large debt in their own name, no longer shared. It will involve a hard credit inquiry although it won’t necessarily reduce their creditworthiness.

In addition, dividing assets in the divorce means dividing debt. If debt is divided unevenly, it could have more of an impact on one party’s credit report in terms of the amount of existing credit and debt that they already have. This can underline the importance of closing excess shared accounts rather than keeping them open; if shared accounts continue through divorce and after the marriage, any action by either party could impact both parties’ credit scores and profiles. This means that ex-spouses could continue to affect each other’s credit after divorce if not addressed.

Going through divorce can mean many challenges, but these problems may be alleviated with strong professional and personal support. A family law attorney may provide counsel and representation in the divorce in order to protect the interests of their client and their financial future. A lawyer might help develop a divorce settlement that fully addresses concerns about credit in order to prepare for the post-divorce period.


The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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