Divorce and Your Credit Score
A divorce could impact your credit for years to come. It is important to protect your credit during and after divorce.
For example, if a husband and wife have joint MasterCard and Visa accounts and the divorce settlement stipulates that the husband pay off the MasterCard account and the wife will be responsible for the Visa credit balance, but one of them doesn't make the payments, both parties will be penalized on their credit reports.
Tips for handling credit when filing for a divorce:
First, close joint accounts to prevent further charges
Second, pay off joint accounts during the divorce, not after
Third, monitor the monthly bills to make sure payments are made
Fourth, get help from a lawyer if needed
Learn about the legal recourse you have to protect your credit in the event of a divorce. Union members can get a free half hour legal consultation with an attorney through the Union Plus Legal Service. Visit http://UnionPlus.org/Legal or call 1-888-993-8866 to find an attorney.
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