Close Search

Website Search

Search
Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

Contact Our Firm

NOTE: Fields with a * indicate a required field.
Name *
Email *
State
ZIP
Phone *
How would you prefer to be contacted?
E-Mail
Phone
No Preference
Briefly describe your legal issue. *

DisclaimerThe use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

I have read and understand the disclaimer.

Contact Us

How to Protect Your Credit During an Illinois Divorce

Posted on in Divorce

Hinsdale divorce lawyer credit scoreDivorce can often have a large impact on your finances. With attorney’s fees, filing fees, court costs, and the asset division process, costs can add up quickly. This is why it is so important to protect your finances during and after your divorce. Many people who are considering ending their marriage may wonder how their divorce will affect their credit score. Having decent credit is extremely important, especially when you are starting your new life as a single person. While getting a divorce will not automatically affect your credit score, there are ways a divorce can be detrimental to it. Here are a few tips on protecting your credit score during and after your divorce:

  • Close all of your joint accounts as soon as possible. This should be one of your first steps in protecting your finances during a divorce. If you have any type of joint accounts with your spouse -- whether those are checking or savings accounts or credit cards -- you should close them in a timely manner to protect yourself. Even if your credit card debt is allocated to your spouse, you will still be held legally responsible for repaying that debt unless you remove your name from the account.

  • Keep paying all of your bills, even if you do not think you should have to. It is very important that you keep paying all of your bills during your divorce, or you could see your credit score start to drop. Until you separate all of your accounts, you must keep making payments on your joint accounts, or both you and your spouse will suffer a drop in your credit score. Even if you just make the minimum payments on things such as credit cards and auto loans, you will be in a much better position than if you did not pay.

  • Start building independent credit. Even if your divorce is not finalized yet, you should open a new credit card in your name only. This can help you to build credit that is just yours with accounts that only belong to you, rather than the joint accounts you used to have. Even if you just open a credit card at a department store or something similar, it will help your credit score immensely if you pay off the balance at the end of every month.

Let a Skilled DuPage County Divorce Attorney Help You With Financial Matters

There are many things that must be decided in an Illinois divorce, but financial matters are one of the most important aspects to address. If you are in the process of a divorce, or if you are beginning to plan for the end of your marriage, you should talk with an Elmhurst, IL divorce lawyer who has plenty of knowledge of the asset division process and who can help you protect your financial well-being. At Wakenight & Associates, P.C., we have more than 95 combined years of family law experience to help bring you the best divorce experience possible. Call us today at 630-852-9700 to schedule a free consultation.

Sources:

https://www.experian.com/blogs/ask-experian/credit-education/life-events/divorce-and-credit/

https://www.huffpost.com/entry/dont-let-divorce-ruin-you_b_6737036

https://www.aarp.org/money/credit-loans-debt/info-12-2012/protect-your-credit-in-divorce.html

 

Facebook

Twitter

LinkedIn

Contact Us

Contact Us

Search

Search

Back to Top