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Know how you can protect your credit during a divorce

Keeping your credit score up is one consideration that you might have during a divorce. There are a few reasons why your credit score might dip during or after a divorce. One is something that you likely can't do much about -- your income. The others involve bill payments and similar factors.

When it comes to your income, you can't change this unless you get a new job, a raise or a promotion. In most cases, the income noted on your credit report will go down because of the loss of your ex's income. This impacts the debt-to-income ratio, which can impact your creditworthiness.

Now, you might be wondering how you can protect your credit when you are going through a divorce. There are actually several things you can do.

First, close joint accounts. If they can't be closed, freeze them. The important thing here is that no more joint debt is racked up while divorce is ongoing.

Next, make sure that joint accounts are being paid. It is sometimes possible to have creditors switch joint accounts over to individual accounts. However, unless this happens, you should focus on making sure that the bills are getting paid.

You must remember that even once the divorce is finalized, your ex can still hurt your credit if your ex is supposed to pay joint bills and doesn't. Your creditors don't have to abide by the terms of the civil order since they aren't a party in it.

Finally, make sure that you start your own accounts, including saving accounts, checking accounts and credit card accounts to help you keep your finances in check. Now, you are on your way toward rebuilding your credit.

Source:, " Protecting Your Credit During Divorce," Tracy Achen, accessed June 09, 2017

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