What You Need To Do To Protect Your Credit During a Divorce

A lot of people going through a divorce are concerned on how their credit is going to be affected
and what can they do to protect their credit from being negatively impacted from the process. 

Divorces can get extremely nasty sometimes. When one spouse feels betrayed and cannot do anything
to vent their pain, anger and frustration, they may feel that the only thing left is to bring the
other spouse to their knees financially. A divorce mediator or attorney knows from experience
that this is spiteful and immature behavior but unfortunately, very real. Sometimes it is not so
much an act of spite but of selfishness. They may decide to take everything they can from the
spouse they are divorcing in order to increase their financial standing. 

A Spouse Is Not Helpless

Advice from a divorce mediator or lawyer may include that there are several things a spouse can
do to protect themselves from financial ruin. 

1.) List all your credit cards, account numbers and outstanding balances you have in both joint
names and also in individual names. Document all purchases made on these credit cards and note
who made those purchases and who benefited from them.

2.) Remove your name from every credit card that has you listed as an authorized user, and remove
your spouse for any credit card that lists your spouse as an authorized user, which means your
spouse is not responsible for repaying any debts incurred, but is able to charge on the account.
If your spouse's credit suffers, yours will suffer as well because your name is on the account. 

3.) If possible, pay off all the unpaid debts for the credit cards. You may even get a loan in
your name to do so. Then close the account. You are taking the entire financial burden upon
yourself but you may be able to recover some of it through the divorce settlement. At least your
spouse will not be able to charge on the accounts any longer.

When it is impossible to pay off all outstanding debt, it will be treated as a joint debt. These
are responsibilities that have to be sorted out and divided. Until the debt is paid, the spouse
in charge of a debt must notify the other spouse if he or she falls behind on a payment. The
spouse who gets a vehicle should assume the debt of that vehicle. Until every debt is paid, both
spouses will feel the financial results of the divorce.


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If you want to end your marriage amicably with your spouse, it is better if you discuss your
financial situation with an expert divorce mediator at Mediation Associates of NY and NJ.
Jonathan Starr is a skilled divorce mediator who assists in creating an environment for more
effective communication between parties consumed in a very emotional and trying transition. Call
877-666-9601 or visit http://www.newyorkdivorcemediation.net

Posted by Randall Frier Bankruptcy Attorney